Summary: Weather in South America, rumors of buying by China, and positioning before next week’s WASDE made for volatile markets. For the week, as of noon on Friday, May wheat lost 7 cents while the nearby corn contract fell 8 cents. Renewed Chinese buying and a lack of rain in Argentina made for a late week surge in the soy complex. Nearby soybeans improved 18 cents. May soybean meal dropped $6 per ton. May cotton shrank $1.63 per hundredweight. Over in the dairy parlor, April Class III milk futures gained 15 cents. It was all down arrows in the livestock sector. April cattle fell $1.17.
