Lean hog futures trading higher on Friday. The market was supported by short-covering following the losses on Thursday. Cash prices were steady to firm this morning and expectations are for steady to higher prices next week. In the Supply/Demand report this morning, USDA left the 2011 pork export forecast unchanged from last month, but raised production slightly. April closed 40 cents higher at $93.15 and June was 55 cents higher at $100.65.
Corn futures closed higher on Friday. The market was able to shrug off the bearish Supply/Demand and trade higher thanks to outside markets. Weakness in the dollar and strength in gold and crude oil were supportive factors for the crop markets. USDA left ending stocks unchanged at 675 million bushels this month, while traders were looking for a 75 million to 80 million bushel decline. May ended 9 cents higher at $7.68 and December was 8 3/4 cents higher at $6.53.
Soybean futures traded strongly higher on Friday. The Supply/Demand report was neutral as USDA left soybean ending stocks at 140 million bushels. Futures were supported by weakness in the dollar and strength in crude oil prices this morning. Further gains were limited by seasonally slowing export demand for U.S. soybeans. USDA raised their estimate of Brazil's soybean crop by 2 million tonnes, but this largely anticipated by the market. May closed 28 3/4 cents higher at $13.92 1/4 and November was 30 1/2 cents higher at $13.96.