By: NATHAN STUEDLE
GRAINS:
September corn closed up 8 cents and December corn was up 9 cents. August soybeans closed up 14 cents and November soybeans were up 9 1/4 cents. September KC wheat closed up 22 cents, September Chicago wheat was up 20 1/2 cents, September Minneapolis wheat was up 13 1/2 cents.
For the Week:
September corn closed up 16 1/2 cents and December corn was up 19 1/2 cents. August soybeans closed up 55 1/2 cents and November soybeans were up 43 cents. September KC wheat closed up 37 3/4 cents, September Chicago wheat was up 40 1/2 cents and September Minneapolis wheat was up 33 3/4 cents.
As was widely expected, USDA's July World Agricultural Supply and Demand Estimates (WASDE) report shared bullish changes to corn, soybean, and wheat fundamentals, setting the stage as traders will likely shift focus immediately back to U.S. growing season weather with corn pollination just around the corner. Row-crop futures ignored outside energy weakness to close the week. The U.S. and Iran are reportedly still in contact through this week's sudden escalation in the Persian Gulf.
LIVESTOCK:
Yes, midday boxed beef prices were trading higher -- but that's not enough support for the live cattle contracts to offset the $7.00 to $10.00 decline seen in this week's fed cash cattle market to help ease trader concerns. No new cash cattle trade has developed following Thursday's trade. Southern live deals were marked at $248, $7 lower than last week's weighted averages, and Northern dressed deals were marked at mostly $393, $10 lower than the prior week's weighted averages. No bids are on the table currently and it's likely the bulk of this week's trade is done. Boxed beef prices were higher: choice up $3.09 ($383.90) and select up $6.16 ($369.65) with a movement of 61 loads (46.31 loads of choice, 5.46 loads of select, 2.58 loads of trim and 6.67 loads of ground beef).
Without seeing support from the live cattle complex, the feeder cattle contracts were also trading lower. It's most likely at this point the market will continue with its downward trend into Monday's session.
The lean hog complex traded mixed again as the market wants to move higher but needs buy-in from traders to conquer the market's resistance at $100 in the spot August contract before that will happen. A couple of the nearby contracts traded higher, but by and large the vast majority of the deferred contracts were trading lower.