Corn futures were solidly higher on Friday. A recovery in the stock market, weakness in the dollar and confirmation of another 118,000 tonne sale of U.S. corn to China supported futures. The market was higher despite forecasts for warmer and drier weather in the Midwest over the next week to ten days, which should help improve crop condition ratings. July closed 7 cents higher at $3.69 and December was 6 3/4 cents higher at $3.85 1/4.
Soybean futures closed lower on Friday. Profit-taking and further weakness in crude oil pressured soybean oil and soybean prices today. Forecasts call for warmer and drier weather in the Midwest over the next week to ten days, which should benefit planting progress. But losses were limited by talk USDA confirming the sales of 120,000 tonnes of U.S. soybeans to China. July ended 3 cents lower at $9.41 and November was 1/2 of a cent lower at $9.07.
Wheat futures settled mostly higher on Friday. Short-covering and spillover support from corn helped support the market after futures had fallen to near technically oversold levels. Weakness in the dollar and a bounce in the stock market were also supportive. But gains were limited at the MGE and some contracts were lower as rain in the northern Plains will help maintain good growing conditions for the spring wheat crop. CBOT July closed 2 1/4 cents higher at $4.72, KCBT July was 2 1/2 cents higher at $4.95 while MGE July ended 1/4 of a cent lower at $5.14 1/2.
Cattle futures closed mixed on Friday as traders were positioning ahead of the Cattle on Feed report. Weakness in the cash market this week and declining boxed beef prices were bearish factors this week. However, prices consolidated from recent losses as the stock market bounced and the dollar turned lower today. June closed 8 cents lower at $91.38 while October was 35 cents higher at $91.88.
Lean hog futures were higher on Friday. Gains were attributed to short-covering from recent losses. Outside financial markets provided some support as the stock market was higher while the dollar was lower. Cash markets were lower this week, but the 55 cent jump in pork cutouts and tight supplies of market ready hogs should limit losses next week. June closed $1.20 higher at $81.45 and October was 85 cents higher at $74.55.