Corn was extending gains following Thursday's USDA report on lower corn inventories.
Corn for May delivery was rising 5.7% to $7.32 ¾ a bushel Friday after the USDA said corn stocks dropped 15% from a year ago to 6.52 billion bushels on March 1.
Still, Setzer says "we could easily see liquidation to corn to limit margin exposure. A little preweekend profit taking would not be surprising either."The United Nation says its Food and Agriculture Organization food price index rose above its 2008 peak last December after skyrocketed to its highest level in three decades by mid-2008. "Food prices will likely remain volatile," the United Nations said. On a positive note, a Standard Chartered report by analyst Danny Suwanapruti said headline inflation rose further in March in South Korea, but food inflation was showing signs of peaking.
(Published at 10:09 am ET) Treasury bonds were falling Friday morning as a positive employment report triggered thoughts of possible monetary tightening by the U.S. Federal Reserve.