Corn futures closed 2 to 20 cents higher on Friday. Corn futures closed higher despite weakness across new crop contracts. July contract was supported by a bullish stock report while new crop contracts were pressured by higher than expected acreage. Overall, the market is still dominated by weather forecasts. Weather conditions across the Midwest are forecasted as hot and dry over the next 7 to 10 days.
Soybean futures closed 24 to 47 cents higher on Friday. Soybean prices closed sharply higher amid bearish stocks and acreage reports. Both planted acreage and stocks were reported higher than average estimates. The trade seemed to have disregarded today’s report estimates and focused more on critical weather conditions across the Midwest. Drought-like conditions across the Midwest are expected to continue into next week with no signs of significant rainfall.
Wheat futures closed 8 to 15 cents higher on Friday. The market held firm gains most of the trading session. Prices were supported by lower than expected wheat acreage (especially spring wheat) and spillover strength in the corn and soybean markets. The lower dollar index was also a factor for today’s higher prices.
Cattle futures closed higher on Friday. Cattle futures ended the session higher on steady/firm cash prices and higher outside markets. The declining dollar index was also beneficial for livestock and commodities in general. Trade in the cash market was sluggish much of the week with expectations for lower prices, but came in steady as cattle futures rallied the later part of the week.
Lean hog futures closed mixed on Friday. Hog futures closed mixed ahead of this afternoon quarterly hogs and pigs report. Prices were pressured by trader position squaring ahead of the report and end of the month liquidation. Nevertheless, there were bright spots for market prices today. Outside markets were higher, grain prices were higher and the dollar index was lower.