Corn futures traded solidly higher on Friday. The market rallied for the fourth day on the sale of U.S. corn to China and ideas that there will be more business. Spillover strength from wheat and soybeans were also supportive. But further gains were limited by favorable crop weather forecasts for the next week to ten days and outside markets. Crude oil and the stock market were lower while the dollar was higher today. July was 6 1/4 cents higher at $3.49 1/2 and December closed 6 1/2 cents higher at $3.71.
Soybean futures were strongly higher on Friday. Futures rallied late this afternoon on spillover support from corn and wheat and ideas that losses on Thursday were overdone. Weather conditions are favorable for crop growth currently, but the last leg of planting is being delayed. Tight old-crop soybean and soybean meal supplies were supportive. July ended 11 1/4 cents higher at $8.46 1/4 and November closed 14 1/2 cents higher at $9.09 1/4.
Wheat futures closed higher on Friday. Short-covering ahead of the weekend helped push the CBOT July contract to the highest level in 1 1/2 weeks. Support came from a report that heavy spring rainfall will hurt Canadian wheat acreage. More than 8 million acres of wheat, durum and barley acreage went unseeded in western Canada. July was 7 1/2 cents higher at $4.40 3/4, KCBT July ended 4 1/2 cents higher at $4.67 and MGE July closed 11 1/2 cents higher at $5.01 3/4.
Cattle futures closed lower on Friday. Weakness in the cash market this week and declining boxed beef prices weighed on futures. Choice cutouts were down $1.79 at midday. Weakness in the stock market and strength in the dollar were also bearish factors today. August ended 50 cents lower at $87.28 and October was 45 cents lower at $88.65.
Lean hog futures were higher on Friday. Short-covering helped push prices higher after falling to near four month lows on Thursday. Ideas that the cash market will turn higher next week and the 68 cent jump in pork cutouts on Thursday were supportive factors. Cash prices began to firm today as packers are short-bought and hog supplies are expected to tighten. July closed 85 cents higher at $78.55 and August ended 30 cents higher at $80.35.