Corn futures closed lower on Friday. The market turned lower on forecasts for improved crop weather next week. USDA will release an Acreage report on June 30. Doane is expecting acreage to be up about one million acres from planting intentions. Further losses were limited by the dollar turning lower today and strong gains in crude oil. July ended 4 1/4 cents lower at $3.40 1/2 and December was 4 cents lower at $3.60 1/2.
Soybean futures traded steady to higher on Friday. The market was lightly supported by firm cash markets and pre-weekend positioning. Weather forecasts are mixed as weekend rainfall in the Midwest could hurt condition ratings in areas already too wet while the outlook for next week is drier. Weakness in the dollar and strength in crude oil was supportive. July ended 1 1/2 cents higher at $9.57 and November was unchanged at $9.12.
Wheat futures closed solidly lower on Friday. Seasonal harvest pressure weighed on the market. Reports of high protein wheat being harvested in Kansas helped weigh on the KCBT and MGE. Drier weather in the southern Plains is expected to help harvest progress and slow disease problems. The market failed to strengthen once the dollar turned lower. CBOT July was 6 3/4 cents lower at $4.56 1/4, KCBT July ended 10 1/2 cents lower at $4.83 3/4 and MGE July closed 12 1/2 cents lower at $5.12 1/4.
Cattle futures were higher on Friday. An agreement with Russia to restart poultry exports was supportive as it should help reduce competition for beef. But trade was light and gains were limited by weaker boxed beef prices at midday. The rally in the stock market and dollar turning lower helped to support the small rally. June closed 30 cents higher at $90.95 and August was 23 cents higher at $89.38.
Lean hog futures closed higher on Friday. The market was supported by the agreement with the U.S. and Russia to resume poultry exports, which should reduce total meat supplies. Traders were also gearing up for the quarterly Hogs and Pigs report due out Friday afternoon. July closed 65 cents higher at $80.73 and August was 68 cents higher at $83.93.