By: NATHAN STUEDLE
GRAINS:
September corn closed down 1 3/4 cents and December corn was down 1 1/2 cents. September soybeans closed down 6 1/4 cents and November soybeans were down 6 1/4 cents. September KC wheat closed down 3 1/4 cents, September Chicago wheat was down 3 3/4 cents, September Minneapolis wheat was up 2 3/4 cents.
For the week:
September corn closed down 6 3/4 cents and December corn was down 5 1/4 cents. September soybeans closed down 1 3/4 cents and November soybeans were down 1 3/4 cents. September KC wheat closed down 1/2 cents, September Chicago wheat was down 2 1/4 cents and September Minneapolis wheat was up 4 1/2 cents.
Markets looked poised to extend their late-week rally into the weekend early Friday, but momentum waned as the session wore on as traders are likely awaiting the USDA next week to offer clues on price direction through the remaining weeks ahead of the 2025 U.S. harvest. In outside markets for Friday, equities are heading higher to round out a back-and-forth week as investors weigh the uncertainties of this week's latest tariff developments, while preparing for next week's inflation reading. Crude oil futures also bounced off daily lows and the lowest price since early June, prior to the Israel-Iran conflict, and if values hold will narrowly avoid lower trade for each day this week.
LIVESTOCK:
If today's action isn't evidence of what emotional volatility can look like, then I don't know what would be. The live cattle complex fronted a magnificent rally throughout the week, only to come crashing lower on Friday. Why, you ask? Good question. One could say that traders have exhausted their efforts, someone could say that tariff chatters are taking their toll, another could highlight that traders are anxious as they've yet to see what fed cash cattle prices are going to do, but more than anything, today's reverse action compared to the rest of the week simply comes as an emotion knee-jerk reaction as traders themselves don't know what else to do with the contracts at this point. On Thursday, the spot October contract closed at yet another new contract high, and although the market is currently seeing an unseasonal rally in boxed beef prices, traders are anxious to see what develops this week in the fed cash cattle market.
Following the live cattle market's direction, the feeder cattle complex traded sharply lower after scoring new all-time highs in the futures complex just yesterday afternoon. Today's action could have a slightly negative effect on the sale barns having sales today, but still, prices will remain high, as the fact isn't changing anytime soon that supplies are tight.
The lean hog complex traded mixed into Friday's closing bell, as the market has again seemed to establish some footing into the futures complex, and it's helpful that pork prices are higher, too. Given that today's trade was mixed in its nature, it's likely the contracts may be able to keep their somewhat higher trend into the early part of next week.