By: NATHAN STUEDLE
GRAINS:
March corn closed up 5 1/2 cents per bushel at $4.47 and May closed up 7 cents per bushel at $4.60 1/2 and March soybeans closed up 21 1/4 cents at $11.85 and May soybeans were up 21 1/2 cents at $12.00 3/4. May KC wheat closed up 31 cents at $6.23 1/2, May Chicago wheat was up 33 cents at $6.16 3/4 and May Minneapolis wheat was up 23 1/2 cents at $6.43
Grain and soy markets added more war premium Friday as the bombing of Iran military sites continue; but Iran still has not backed down. Crude oil soared again as the Strait of Hormuz transit of energy and fertilizer supplies continues to be restricted. Wheat led the markets higher on Friday despite still overall bearish fundamentals as funds continued to buy.
LIVESTOCK:
The live cattle complex started the day off trading lower, and upon seeing some fed cash cattle trade develop at lower prices, the market extended with that trend through the day's close. Today's weakness seems to be stemming from a number of different areas. Technically speaking, the market's 40-day moving average seems to pose as too much of a technical barrier for traders to challenge at this point. From a fundamental sense, seeing prices trade $3 lower in the North doesn't send the market warm and fuzzy feelings either. Bids are currently on the table in the South, but no Southern trade has been noted yet.
The feeder cattle complex also traded lower as the market witnessed its contracts fall anywhere from $6 to $7 lower by the closing bell. More than anything, the weakness seen in the live cattle complex amid a lower trade in the fed cash cattle market doesn't give the feeder cattle complex much support to rally around.
The cattle contracts may have traded much lower, but the lean hog complex kept with a slightly higher trend as traders remain committed to keeping a sideways/somewhat higher trend in the hog sector. Today's support largely gets attributed to trades as the market's fundamentals aren't helping drive the ship higher.