By: NATHAN STUEDLE
GRAINS:
Friday was a quiet session with little fresh news to drive prices as corn and soybeans were able to stabilize after turning lower through the middle of the week. Wheat futures, however, traded steadily lower despite higher energy prices to close the week with no clear path yet to a resolution in the Middle East and reopening of the Strait of Hormuz. The two-week forecast looks to bring much-needed rainfall to drought-stricken areas in the Western Plains and Southeast U.S. This kept a lid on price momentum as traders likely wished to act cautiously ahead of a long weekend with markets closed on Monday for Memorial Day.
July corn closed up 1 cent and December corn was up 1 1/2 cents. July soybeans closed up 2 1/4 cents and November soybeans were up 1 cent. July KC wheat closed down 5 cents, July Chicago wheat was down 1 1/4 cents, July Minneapolis wheat was down 3/4 cent.
LIVESTOCK:
With the anticipation of a bearish Cattle on Feed report looming heavily over the complex -- it comes as no real surprise that the live cattle contracts were trading lower into Friday's close, though it finished officially mixed. No new bids are currently on the table in the cash market and it looks like the bulk of this week's trade is essentially done with, although a little more clean-up trade could happen after the Cattle on Feed report is released.
The feeder cattle complex can't stand it! Walking on egg shells and feeling like the oxygen is slowly being pulled from the air that traders breathe, the feeder cattle contracts were enduring yet another bloodbath Friday as everyone waits to see what Friday's Cattle on Feed report is going to unveil.
And although the lean hog complex isn't feeling the same exact pressure the cattle contracts are, it too was lower as traders simply can't find enough support in the market to justify pushing the contracts higher. Yes, midday pork cutout values were a tick higher, but at this point in the week that doesn't mean much to traders ahead of a long weekend.