Corn futures closed strongly higher on Friday. The sharp rally in the wheat market helped push the December corn contract above $4. Drought in Europe and Russia is hurting crop prospects. The market rallied despite the absence of threatening weather forecasts. Generally favorable conditions are expected in the Corn Belt for the next two weeks. September ended 13 1/2 cents higher at $3.92 3/4 and December was 13 cents higher at $4.06 3/4.
Soybean futures traded higher on Friday. The market was pulled higher by spillover from the surging wheat market and strong export demand for soybeans. The August contract rallied to the highest spot price in six months due to tight cash markets and the lack of deliveries against the August soybean and soybean meal contracts. New-crop pushed above $10 for the first time in six month despite generally favorable weather forecasts for the Midwest the next couple of weeks. August closed 25 3/4 cents higher at $10.52 1/2 and November was 17 cents higher at $10.05.
Lean hog futures traded higher again on Friday. The futures market was supported by the firm tone in the cash market and rising pork prices. Some contracts posted new highs again today. Further gains were limited by some profit-taking at the end of the week and month. August closed 98 cents higher at $85.83 and October ended 95 cents higher at $79.03.
Cattle futures closed higher on Friday. Short-covering at the end of the week and month supported trade. However, gains were limited by the lower cash trade this week and declining boxed beef prices. Choice cutouts were down $1.31 on Thursday and fell another $1.88 at midday. August ended 80 cents higher at $92.65 and October was $1.13 higher at $94.60.