Corn futures settled higher on Friday. Traders were adding premium to the market as some forecasts are showing the possibility of a high pressure ridge developing in the southwestern Corn Belt by late June and into the first part of July. Weakness in the dollar and strength in the stock market were also supportive. July ended 3 1/4 cents higher at $3.60 3/4 and December was 2 1/4 cents higher at $3.80 1/2.
Soybean futures traded higher on Friday. The market was supported by weather premium being added to the market, firm cash markets, the confirmed sale of 120,000 tonnes of U.S. soybeans to an “unknown destination” and outside markets. Weather forecasts are calling for the possibility of a high pressure ridge developing in the southwestern Corn Belt in late June or early July. July ended 9 cents higher at $9.61 and November closed 5 1/2 cents higher at $9.30 1/2.
Wheat futures closed mixed on Friday. After rallying to a three-week high today, profit-taking ahead of the weekend developed to push some contracts lower. There has been some bullish news for wheat this week. Weekly export sales were strong and wet weather in Canada is expected to prevent some acreage from being planted to spring wheat. Rainfall in the southern Plains has slowed HRW harvest and has raised concern about quality. CBOT July ended 1 cent lower at $4.61 3/4, KCBT July ended 1 3/4 cents higher at $4.97 1/4 and MGE July was 1/4 of a cent higher at $5.38 1/4.
Cattle futures closed lower on Friday. The market was pressured by positioning ahead of the Cattle on Feed report and the weak tone in the cash market this week. Cash trade was mostly $91 this week, down $1-$2 from last week. Trade expectations for the COF report are for May placements to be up 22%. June ended up 30 cents at $89.30 and August was 43 cents lower at $88.20.
Lean hog futures were mixed on Friday. Front end futures were higher, supported by the $1.44 jump in pork cutouts on Thursday and strength in the cash market. Tight supplies of market ready hogs supported cash trade despite poor packer margins. July closed 53 cents higher at $80.88 and October was 40 cents higher at $74.90.