Lean hog futures traded mostly higher on Friday. Strength in the cash market and pork cutouts helped support the market. Pork cutouts values were up $1.83 on Thursday. There was also news that South Korea is doubling the amount of tariff free pork that will be allowed to be imported. The U.S. is the leading pork exporter to South Korea. July closed 25 cents higher at $93.23 and August was 28 cents higher at $92.83.
Soybean futures traded lower on Friday. The market was pressured by the bearish USDA supply/demand revisions from Thursday and outside market pressure. USDA increased the 2011/12 ending stocks projection to 190 million bushels, up 30 million from last month. Strength in the dollar and weakness in crude oil futures were also bearish factors for the commodity markets. July closed 6 1/2 cents lower at $13.87 1/4 and November was 5 cents lower at $13.81 3/4.
Corn futures closed mixed on Friday. Profit-taking from the gains on Thursday, strength in the dollar and weakness in crude oil weighed on deferred contracts. Weather forecasts look generally favorable for crop growth through next week. But old-crop futures traded slightly higher on support from the bullish corn acreage and stocks projections releases on Thursday morning. July ended 1 1/2 cents higher at $7.87 and December was 1 1/2 cents lower at $7.12 1/2.