Crop markets trade mixed on Friday

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Corn futures closed higher on Friday. Slow farmer selling and firm cash markets helped push prices higher. There were also reported of the unwinding of long soybean/short corn spreads. Corn futures have now traded higher for four consecutive weeks. Gains were limited by strength in the dollar index and weakness crude oil. December ended 3 1/2 cents higher at $6.55 and March was 3 1/2 cents higher at $6.67.

Soybean futures settled strongly lower on Friday. The rebound in the dollar index, concern about slowing export demand and the unwinding of long soybean/short corn spread pushed prices lower today. First notice day for the November contract is Monday and traders are expecting 200 to 500 contracts to be delivered against the November contract. November closed 18 cents lower at $12.17 and January was 18 cents lower at $12.26.

Wheat futures closed mixed on Friday. Futures opened lower as the dollar index rebounded from the losses on Thursday. However, short-covering quickly developed to push some contracts higher. Spillover buying from corn supported the CBOT. Gains at the KCBT were limited by forecasts for some much needed rainfall in the southern Plains. CBOT December ended 1/2 of a cent higher at $6.44 1/2, KCBT December was unchanged at $7.38 and MGE December closed 2 1/2 cents lower at $9.20 1/2.

Cattle futures traded mostly lower on Friday. The expiring October contract was supported by active trade at or around $121. However, deferreds traded lower on concern that high beef prices will hurt demand. Packer margins remain poor and cash markets could turn lower unless beef prices can build on the strength of the past couple of days. October ended 20 cents higher at $120.95 while December was 85 cents lower at $119.05.

Lean hog futures closed higher on Friday. After closing lower for seven consecutive trading sessions, the market was able to rally. Pork prices had been moving lower before rebounding by 48 cents on Thursday. Further gains were limited by the weak tone in the cash market. December ended 3 cents higher at $86.68 and February was 23 cents higher at $89.90.



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