Corn futures settled narrowly mixed on Friday. The market was choppy today as the futures were pressured at times by favorable corn planting weather, strength in the dollar and weakness in crude oil. But strength in wheat and some technical buying helped push front end contracts slightly higher. May closed 3/4 of a cent higher at $3.64 and July was 1/4 cent higher at $3.74.
Soybean futures closed higher on Friday. The market extended the week-long rally amid continued strong export demand and firm cash markets. Farmer selling is light as they focus on fieldwork. Gains were limited by strength in the dollar and weakness in crude oil and the stock market. May ended 1 1/4 cents higher at $9.85 1/4 and July was 2 cents higher at $9.95.
Wheat futures closed solidly higher on Friday. Futures were able to rally today on short-covering and technical buying. However, further gains were limited by strength in the dollar and weakness in equities. Fundamentals remain generally bearish with abundant global wheat supplies keeping competition for exports strong. CBOT May was 10 1/4 cents higher at $4.90 1/2, KCBT May ended 10 cents higher at $5.06 1/2 and MGE May was 8 cents higher at $5.20.
Cattle futures closed higher on Friday. The market was choppy during the session, but futures were supported by firm beef prices, which are currently at 21-month highs. Futures gains were limited and trade was lower at times by profit-taking from recent rally along with weakness in the stock market. April ended 75 cents higher at $98.75 and June was 35 cents higher at $94.65.
Lean hog futures settled slightly higher on Friday. Gains were limited by profit-taking, but futures were lightly supported by the $2.81 jump in pork cutouts on Thursday and firm cash markets. June was 8 cents higher at $86.15 and July was 5 cents higher at $86.20.