Corn futures closed slightly higher on Friday. Corn futures ended the week on a high note after a volatile week of trade. Futures traded within a narrow range most of the session with slight pressure building before the close. However, prices were able to push higher on end of the week positioning and strength in the wheat market. December corn closed 3 cents higher at $7.49.

Soybean futures closed higher on Friday. Today’s market trade can be characterized as volatile with nearby futures trading both sides of unchanged. On several occasions during the session, prices turned lower on spillover pressure from the soyoil market and long liquidation. However, prices managed to close higher on end of week short covering and an export sales announcement of 140,000 tonnes of soybean cake and soybean meal deliverable to South Korea during the 2012/13 marketing year. November soybeans closed up 5 ¼ cents at $16.24.

Wheat futures closed higher on Friday. Wheat futures led the grain complex all day. The market prices jumped, posting solid double digit gains shortly before midday across all exchanges. The unexpected surge in the market was the result of news that Russia may curb wheat exports to limit inflation if domestic wheat prices continue to rise. This information coupled with the lower dollar index increased buying interest in the wheat complex. December wheat at CBOT closed 19 ½ cents higher; KCBT closed 16 ¾ cents higher; and MGE closed 17 ¼ cents higher.

Live cattle futures closed mixed but mostly higher on Friday. Cattle futures closed mostly higher on position squaring ahead of USDA’s Cattle on Feed and Cold Storage reports. The trade expects the report to show cattle on feed remaining steady while placements are expected to be about 7 to 8 percent lower. The trade also expects to see August beef stocks lower than July’s in today’s cold storage report. October closed 23 cents lower while December closed 33 cents higher.

Lean hog futures higher on Friday. Hog future closed higher today with nearby contracts up over 1 percent from the previous day and with the June 2013 contract approaching $100 again. Higher cash price enthusiasm and technical buying helped hog futures to end the week strong. Strength in the wholesale pork market was also supportive for prices. USDA’s Cold Storage report is scheduled to release this afternoon (after the pit closes). Analysts’ expect August pork stocks to be higher than 700,000 thousand pounds higher than July’s stocks, primarily due to this summer’s severe drought conditions. If the report is in line with analysts’ expectations, the market could open under moderate pressure next week. October closed 95 cents higher while December closed 78 cents higher.