Corn futures closed higher on Friday. The market was quiet today in low-volume pre-holiday weekend trade. Planting delays, weakness in the dollar and some strength in energies and metals were supportive factors. But buying interest was limited by forecasts for warmer and drier weather next week that would benefit planting progress. July ended 13 cents higher at $7.58 1/ 2 and December was 7 3/ 4 cents higher at $6.84.
Soybean futures traded lower on Friday. Market action was limited by light pre-holiday weekend trade. However, the market was pressured lightly by the outlook for warmer and drier weather next week that will help planting progress. On the other hand, losses were limited by weakness in the dollar. July closed 5 cents lower at $13.79 3/4 and November was 4 cents lower at $13.68 1/2.
Wheat futures were mixed on Friday, but front end contracts were all higher. The MGE July contract led the gains again on speculative buying amid continued spring wheat planting delays in the northern Plains and Canadian prairies. But profit-taking developed to limit gains and pressure some of the deferred contracts. CBOT July closed 5 1/4 cents higher at $8.19 3/4, KCBT July ended 1/4 of a cent higher at $9.43 and MGE July was 10 1/2 cents higher at $10.56 1/4.
Cattle futures closed higher on Friday. The market was able to trade higher in light trade ahead of the holiday weekend. Boxed beef prices have worked higher this week and packer margins are favorable, which is raising ideas that the cash market could stabilize next week. Estimated margins are the highest they have been all year. Traders will be watching Memorial weekend beef clearance next week for direction. June closed 48 cents higher at $105.05 and October was 30 cents higher at $110.60.
Lean hog futures traded mostly higher on Friday. Short-covering in the thinly traded market led to sizable gains in the front end contracts. Cash hog prices were firm late in the week despite a big decline in pork cutout values on Thursday. June closed $1.13 higher at $88.93 and July was $1.33 higher at $88.60.