Corn futures closed higher on Friday. The market was supported by more wet weather and planting delay concerns for the eastern Corn Belt and northern Plains. Some acreage intended for corn may be switched to other crops. Old-crop is leading the gains on recent improvement in the export market that has helped the cash market firm. Further gains were limited by strength in the dollar. July closed 11 1/4 cents higher at $7.59 1/4 and December was 4 1/2 cents higher at $6.66 1/2.
Soybean futures settled steady to narrowly mixed Friday. Spillover support from corn and ideas that soybean planting delays could trim yield potential were supportive factors. However, gains were limited by profit-taking from the strong rally on Thursday and ideas that corn planting delays could lead to some acreage intended for corn being switched to soybeans. Weather forecasts indicate more rainfall that will likely slow corn and soybean planting progress in the eastern Corn Belt this weekend and next week. July closed 3/4 of a cent higher at $13.80 1/4 and November was 1 cent higher at $13.50 1/2.
Wheat futures closed lower on Friday. Profit-taking and strength in the dollar weighed on the market in pre-weekend trade. Some rainfall in Kansas will benefit wheat conditions although some wheat is too far gone and the rainfall is negative for some wheat in the southern Plains that is nearly ready for harvest. CBOT July ended 5 1/2 cents lower at $8.06 1/2, KCBT July was 11 1/2 cents lower at $9.33 1/4 and MGE July closed 6 1/2 cents lower at $9.99 3/4.
Cattle futures closed mixed on Friday. The June contract was supported by short-covering and the discount to the cash market this week. But deferreds were mostly lower on concern that high beef prices and expensive gasoline will hurt beef demand. Trade was limited by positioning ahead of the Cattle on Feed report due out after the close. June ended 13 cents higher at $104.98 while August was 83 cents lower at $107.10.
Lean hog futures traded mostly higher on Friday. Strength in the cash market was supportive for the futures market. Cash prices were up over $3 on a national average on Thursday as packers were aggressive buyers and market ready hog supplies have tightened. Gains were limited by concern a about pork demand next week with wholesale buying for Memorial Day complete. June closed 65 cents higher at $91.98 and July was 70 cents higher at $92.33.