Weather concerns turn corn higher on Friday

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Corn futures traded higher on Friday. Concern that hot and dry weather in the Corn Belt is hurting yield potential supported the market. Forecasts call for some rain and moderating temperatures this weekend, but more warm and dry weather is expected next week. Weekend weather and forecasts for next week could lead to a big swing in prices on Monday. September ended 10 3/4 cents higher at $6.90 and December was 12 1/2 cents higher at $6.85 1/2. 

Soybean futures closed steady to narrowly mixed on Friday. Futures trade was choppy with some spillover support from corn being countered by ideas the crop in the Midwest will see some relief this weekend from stressful conditions. But forecast for the rest of July and August will be watched closely next week. Soybeans remain in a trading range for now. August is a critical time for soybean reproduction, but poor July weather can trim yield potential. August ended unchanged at $13.80 1/4 and November was 1/4 of a cent higher at $13.88 1/4.

Wheat futures rallied on Friday. Short-covering ahead of the weekend helped the market rebound from losses earlier this week. Spillover support from corn and concern about tight high-protein wheat supplies were supportive factors. But gains were limited by concern about the competitiveness of U.S. wheat on the global market. The Russian Agricultural Minister reaffirmed last week that it expects to be a leading grain exporter this season due to a good harvest. CBOT Sep closed 15 cents higher at $6.92 1/4, KCBT Sep was 5 3/4 cents higher at $7.80 and MGE September ended 4 3/4 cents higher at $8.38 1/2.

Cattle futures closed steady to higher on Friday. Positioning ahead of the USDA reports due out after the close supported the market. Traders were looking for bullish USDA data. June placements were expected to be down 6%-7% from last year and the Cattle Inventory report is expected to show contraction in the herd with most categories down 1%-2% from last year. August ended 55 cents higher at $110.55 and October was unchanged at $115.40.

Lean hog futures were sharply higher on Friday. Strength in the cash market this week and firm pork cutout values supported futures trade. Gains were extended by talk of China shopping for more U.S. pork. Hot weather is slowing hog marketings and is hampering weight gain, which is helped to support the cash market. August closed $2.73 higher at $100.83 and October was $1.93 higher at $92.58.

 



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