Corn futures settled slightly higher on Friday. The market was choppy during the session, but closed higher on positioning ahead of the weekend and next week’s USDA Crop Production and Supply/Demand reports. Pre-report trade estimates are for production to be 12.38 billion bushels compared to USDA’s October forecast for 12.43 billion bushels. December ended 2 1/4 cents higher at $6.55 3/4 and March was 2 1/2 cents higher at $6.66 1/4.
Soybean futures closed lower on Friday. Macroeconomic factors were bearish as the dollar was higher and the stock market lower today. In addition, early planting weather in Brazil and Argentina has been generally favorable for soybean planting. Losses were limited by rumors that China has purchased some U.S. soybeans this week. January closed 6 1/4 cents lower at $12.21 and March was 6 1/2 cents lower at $12.30.
Wheat futures were mixed on Friday. Strength in the dollar and ideas U.S. wheat will be even less competitive on the export market weighed on some contracts today. U.S. wheat has struggled to compete with cheaper Black Sea region wheat. However, wheat closed mixed in consolidation trade and positioning ahead of the weekend and next week’s Supply/Demand report. CBOT December closed 3/4 of a cent higher at $6.36 3/4, KCBT Dec was 2 cents lower at $7.18 and MGE Dec ember ended 6 3/4 cents higher at $9.23 3/4.
Cattle futures closed steady to lower on Friday. Profit-taking developed today to weigh on futures. Outside markets also helped pressure trade as the stock market was lower and the dollar index higher. But December held near unchanged on ideas that cash trade could be firm again next week. Packer margins are poor, but cash bids were raised this week due to tight supplies of market ready cattle. December ended unchanged at $124.50 and February was 23 cents lower at $125.90.
Lean hog futures ended higher on Friday. The market was pressured much of the day by the $1.04 decline in pork cutouts on Thursday. Pork prices have fallen to the lowest level since June. Cash markets have weakened as market ready hog supplies are ample. However, the market rebounded in to the close on steady cash bids as packer margins remain decent. December closed 25 cents higher at $86.85 and February was 35 cents higher at $90.10.