Lean hog futures ended higher Friday. Spillover support from strength in the stock market helped boost prices, as well as news that Japan was making normal pork purchases this week. However, some traders were disappointed that pork exports to Japan were not larger as they work to restock food supplies. Cash hog markets were mostly steady this morning. April was 18 cents higher at $88.33 and June was $2.15 higher at $99.83.
Corn futures settled strongly higher Friday. The market followed Thursday's limit-up gains with another strong rally today. A rumor that China is buying U.S. corn supported the market. Strength in the stock market and weakness in the dollar were bullish factors as well. Firm crude oil prices were supportive. However, prices pulled back on the news that Libya has declared a ceasefire. May was 37 cents higher at $6.83 1/2 and December was 19 1/4 cents higher at $5.98 1/2.
Soybean futures ended strongly higher Friday. Spillover support from corn and easing concern about Japan were supportive of the market. The stock market was solidly higher while the dollar was lower. Heavy rains have slowed harvest and caused flooding in Brazil. Rains have slowed for now, but extended forecasts call for heavy rains to return. May was 27 1/4 cents higher at $13.62 1/2 and November was 31 3/4 cents higher at $13.34.