By: NATHAN STUEDLE
GRAINS:
December corn closed down 1/4 cent per bushel at $4.11 1/2 and March corn was down 1 cent at $4.28 3/4. November soybeans closed up 2 1/2 cents at $10.58 1/2 and January soybeans were up 3 1/4 cents at $10.77. December KC wheat closed down 5 cents at $5.21, December Chicago wheat was down 2 1/2 cents at $5.27 1/4 and December Minneapolis wheat was unchanged cents at $5.90.
For the Week:
December corn finished 6 1/4 cents higher at $4.11 1/2. March corn also finished 6 1/4 cents higher at $4.28 3/4. November beans rose 16 cents for the week at $10.58 1/2 and January beans finished up 15 1/2 cents at $10.77. Kansas City September closed down 9 at $4.98, Chicago September finished down 1 3/4, and Minneapolis December finished up .0075 at $5.90.
Soybeans got a boost and rose for the second straight day. Although pod counts are being reported as record large in several key states, it is the drier outlook ahead that has traders buying. Also supportive for soybeans was the bean oil strength and the EPA decision to grant full waivers for only 63 of the petitions with partial waivers and some not approved at all. Wheat and corn flirted with both sides in slow trade Friday.
LIVESTOCK:
The live cattle complex continued to trade higher and higher as support remains plentiful for the market. Boxed beef demand has been stellar this week, and although we'd just seen a small trading thus far in the fed cash cattle complex, prices have been higher in the North. It's normal for traders to pull the contracts back somewhat ahead of the release of the monthly Cattle on Feed report, but at this point, it's looking like there's enough support in the marketplace to ease traders' nervousness about the report to continue to push the contracts higher.
A new day, and another new contract high summarizes the feeder cattle complex at this point. It will be interesting to note what happens on the monthly Cattle on Feed report as placements are expected to be lighter than a year ago, but how much lighter once again remains the question to be answered. It's been an incredible week for the feeder cattle complex as the market has been able to close higher every single day.
The lean hog complex made a late-week rally as the nearby contracts were successful trading upward of $1.00 higher into Friday's noon hour. Some of the market's support is stemming from the strong fundamental showing late in the week, but more than that, it seems that traders have regained their confidence, as fundamental support throughout the week has been spotty.