Corn futures rallied late in the session to close higher on Friday. Short-covering ahead of the weekend and the dollar index turning lower today helped support corn futures. But gains were limited and futures were lower much of the day on weakness in crude oil and the stock market. Planting progress has been at a record pace and forecasts for rain next week would be beneficial for much of the crop. July closed 3/4 of a cent higher $3.72 and December was 1 1/4 cents higher at $3.86.
Soybean futures traded higher on Friday. Short-covering following the strong losses on Thursday supported prices. Traders were evening positions ahead of the weekend and the Supply/Demand report due out next week Tuesday. The dollar index turned lower today, which also helped support futures despite weakness in crude oil trade and the stock market. July ended 6 cents higher at $9.60 and November was 5 1/2 cents higher at $9.34 1/4.
Wheat futures turned higher on Friday. The market turned higher on short-covering and the dollar turning lower today. Further weakness in the stock market and generally bearish fundamentals limited further gains. Wheat supplies are abundant globally and demand for U.S. wheat remains sluggish. CBOT July closed 2 1/4 cents higher at $5.10 1/2, KCBT July was 1 1/2 cents higher at $5.21 and MGE July was 4 1/2 cents higher at $5.41 1/2.
Cattle futures closed mixed on Friday. June was slightly higher on firm cash trade earlier this week, higher beef prices and the discount of futures to cash. But deferreds were mixed with some pressure from continued concern about economy due to strong losses in the stock market again today. June ended 5 cents higher at $95.90 while August was 25 cents lower at $94.20.
Lean hog futures were strongly higher on Friday. Short-covering developed to push prices higher following the strong losses on Thursday. Support came from the outlook for hog supplies to remain tight and the 44 cent jump in pork cutouts on Thursday. The dollar turned lower today, but the stock market was down strong again. June closed $1.43 higher at $85.53 and July was $1.38 higher at $86.03.