Corn futures closed strongly higher on Friday. The corn market rebounded from the sharp losses posted on Thursday due to declining crop production prospects and hot and dry weather in the Corn Belt this week that could push crop condition ratings lower. Further gains were limited by strong losses in the stock market and crude oil while the dollar index was higher. December ended 21 1/2 cents higher at $7.60 and March was 21 1/2 cents higher $7.72 1/4.
Soybean futures traded higher on Friday. Futures were able to rebound from the strong losses posted on Thursday as traders geared up for the extended Labor Day weekend. Concerns about the size of the crop remain a bullish factor following the hot and dry weather in the Midwest this week. Further gains were limited by weakness in the stock market and crude oil and strength in the dollar index. November closed 11 1/4 cents higher at $14.345 3/4 and January ended 10 1/2 cents higher at $14.55 3/4.
Wheat futures were higher on Friday. The market was supported by short-covering following the strong losses yesterday as traders evened positions ahead of the three-day holiday weekend. Strength in corn, spring wheat production shortfalls and dry conditions in the southern Plains are bullish factors. Further gains were limited by losses in the stock market and strength in the dollar index. CBOT December ended 14 1/2 cents higher at $7.75 1/2, KCBT December was 10 cents higher at $8.58 and MGE December closed 13 1/2 cents higher at $9.84 1/4.
Cattle futures closed higher on Friday. Gains were attributed to short-covering ahead of the extended holiday weekend. Cash trade has yet to develop this week as packers and feedlots remain in a stalemate. Packers are trying to lower bids due to declining beef prices while feedlots point to favorable packer margins. October ended $1.20 higher at $114.80 and December was $1.05 higher at $116.48.
Lean hog futures traded higher on Friday. Short-covering supported futures following the sell-off over the past couple of weeks. Cash fundamentals remain bearish. Pork cutouts were down $1.13 on Thursday and cash markets continued to trade lower today. October closed 63 cents higher at $85.80 and December was $1.10 higher at $83.10.