Corn, soybean markets close higher on weather concerns
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Corn futures settled 1/4 to 7 cents higher on Friday. Corn futures settled higher as high temperatures are forecasted across the U.S. Midwest and Southeast this weekend. Temperatures are forecasted to be between 90 and 100 degrees Fahrenheit. It is expected that corn and soybean crops will see some damage as a result of the high temperatures. The market will be closed on Monday, May 28th, to commemorate U.S. Memorial Day; trade will resume as normal on Tuesday.
Soybean futures settled 6 to 13 cents higher on Friday. Soybeans futures are up as the market reacts to calls for hot dry temperatures in key U.S. soybean producing regions over the weekend. Temperatures are expected to be in the mid 90 to 100 degrees. The market will be closed on Monday, May 28th, to commemorate U.S. Memorial Day; trade will resume as normal on Tuesday.
Wheat futures settled 3 to 12 cents higher on Friday. Wheat futures surged on weather concerns and as traders looked to cover their short positions in the market. Weather remains a driving force across the grain markets. Wheat prices were supported as dry weather concerns across the U.S. Plains could potentially limit the winter wheat crop. The market will be closed on Monday, May 28th, to commemorate U.S. Memorial Day; trade will resume as normal on Tuesday.
Cattle futures closed 50 to 80 cents lower on Friday. Cattle futures tumbles as beef prices declined. Beef prices at midday were down for both choice (85 cents) and select (75 cents). Other bearish factors that weighed on the market were a rising U.S. dollar and weakness in the outside markets. The market will be closed on Monday, May 28th, to commemorate U.S. Memorial Day; trade will resume as normal on Tuesday.
Lean hog futures closed 30 cents to $1.20 higher on Friday. Hog futures closed higher despite the bearish market sentiment. The dollar index was up, pork prices were down and demand remains weak. However, short covering boosted market prices throughout the trading session. The market will be closed on Monday, May 28th, to commemorate U.S. Memorial Day; trade will resume as normal on Tuesday.
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