Corn futures closed higher on Friday. Weakness in the dollar, strength in crude oil futures and spillover support from soybeans helped push prices higher. Recent export sales to China have helped support the market and China’s corn futures hit a new record high due to tight domestic supplies there. May ended 4 cents higher at $6.73 and December was 2 cents higher at $5.74 1/4.
Soybean futures traded higher on Friday. The market was supported by bullish momentum amid strong export demand and declining South American soybean crop production forecasts. Weakness in the dollar index and strength in crude oil futures also helped support the market. May ended 5 cents higher at $13.74 and November was 2 cents higher at $13.28 1/4.
Wheat futures were mostly higher on Friday. The winter wheat markets turned higher on spillover support from corn, weakness in the dollar index and short-covering ahead of the weekend. Warm weather is helping winter wheat growth in the Plains and Midwest. Forecasts currently show no threat for a late freeze, but the crop will be vulnerable. CBOT May closed 7 1/4 cents higher at $6.72, KCBT May ended 1 1/2 cents higher at $7.06 and MGE May gained 2 1/2 cents to close at $8.22 3/4.
Cattle futures closed lower on Friday. The market turned lower on concern about declining boxed beef prices. Cash trade was steady to $1 lower this week compared to last week. Packer margins remain in the red, but the cash market losses were limited by tight supplies of market ready cattle. April ended 28 cents lower at $125.30 and June was 15 cents lower at $122.70.
Lean hog futures traded lower on Friday. The market was pressured by the weak tone in the cash market and declining pork cutout values. Pork prices were down $1.03 on Thursday. Packers were trying to push cash markets lower to help improve margins, which have been hurt by sluggish pork cutouts values. April ended $1.03 lower at $85.88 and June was 53 cents lower at $93.60.