By: NATHAN STUEDLE
St. Joseph Post
GRAINS:
July corn closed up 1 1/2 cents and December corn was down 3/4 cents. July soybeans closed down 2 3/4 cents and November soybeans were down 1/2 cents. July KC wheat closed up 1/4 cents, July Chicago wheat was up 1/2 cents, July Minneapolis wheat was down 1 1/2 cents.
For the week:
July corn closed down 4 3/4 cents and December corn was down 10 1/4 cents. July soybeans closed up 11 1/2 cents and November soybeans were up 2 1/2 cents. July KC wheat closed down 19 cents, July Chicago wheat was down 17 1/4 cents and July Minneapolis wheat was down 13 cents.
Agricultural markets were mixed across the board on Friday with no sizeable price shifts to speak of as trading volumes relaxed into the weekend. Corn futures inched higher following Thursday's technical rally, while soybeans and soybean oil prices eased back following strong sessions on Thursday. Wheat markets appear to have found support for the time being near contract lows, but wheat traders are keeping their fingers close to the sell button, so far not seeing any convincing developments to break out of their bearish bias. Outside markets were also quiet for Friday, with stock indices mixed, with the Dow Jones Industrial Average down but rallying off daily lows which were set following a low Consumer Confidence reading from the University of Michigan Friday morning. There remains an undertone of optimism behind the markets to finish the week, following positive trade-related reports, including rumors that the U.S. and Japan are close to a deal, which -- given Japan's importance to the U.S. as an agricultural customer -- has great potential to include purchases of U.S. grains as a part of any agreement.
LIVESTOCK:
The live cattle complex has been rocked back on its heels as traders tried to patiently wait for this week's cash cattle trade to develop -- but their patience is ran thin. It's assumed cash cattle prices would trade higher this week -- which traders loved the idea of as stronger cash prices will complement their push of the contracts this past week; but they also don't want to put the cart before the horse anymore and anticipate in good faith too much. More than anything traders seemed to be holding the contracts just shy of steady until developments in the cash market surface. Bids of $210 to $212 were reported in Kansas -- but feedlot managers in the South are firm in their asking prices of $214 to $215.
The spot August feeder cattle contract is inching, slowly but surely, up to the market's resistance as the August contract has a resistance threshold at $293.70. Given the grandiose support the market has seen this past week in the countryside for both feeder cattle and calves -- it's tough to say the market doesn't possess enough support to challenge resistance, it did challenge and passed that resistance mark by the closing bell.
Following the last couple days where the lean hog complex endured some pressure, traders treated the market to a sporty rally Friday which is being well complemented as both cash prices and pork cutout values are higher. Traders have already broken through the market's resistance, so it's likely they'll maintain this rally at least in the short term.
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