Hog futures end the week strong

Lean hog futures traded higher on Friday. Strength in the cash market and the 92 cents rally in pork prices helped support the futures market. Snow and cold weather in the Midwest this week backed up hog marketings, but the increased Saturday slaughter should help work through market ready hogs. February ended $1.15 higher at $84.50 and April was 10 cents higher at $91.65.

Corn futures turned strongly higher on Friday. Talk that China may buy large amounts of U.S. corn this year helped support the market. The U.S. Grains Council indicated that China may have to import up to 9 million tonnes of corn in 2011. Further gains were limited by weakness in crude oil prices and spillover selling from soybeans. March closed 16 cents higher at $6.78 1/2 and December was 13 1/4 cents higher at $6.01 3/4.

Soybean futures closed mixed on Friday. Front end contracts were pressured by profit-taking and improved crop weather in Argentina. Crop weather has been generally favorable in Brazil and recent rainfall has improved crop prospects in Argentina. But new-crop futures were slightly higher as soybeans remain in heavy competition for acreage this spring. March closed 2 cents lower at $14.33 1/2 while November was 3 1/2 cents higher at $13.69.