By: NATHAN STUEDLE
GRAINS:
March corn closed down 2 1/2 cents and May corn was down 2 1/4 cents. January soybeans closed down 14 1/4 cents and March soybeans were down 12 3/4 cents. March KC wheat closed down 2 3/4 cents, March Chicago wheat was down 4 1/2 cents, March Minneapolis wheat was down 0 cents.
For the Week:
March corn closed down 3 cents and March corn was down 3 1/2 cents. January soybeans closed down 32 1/2 cents and March soybeans were down 30 cents. March KC wheat closed up 3 3/4 cents, March Chicago wheat was down 2 3/4 cents and March Minneapolis wheat was down 5 cents.
The soybean market fell by double digits on Friday, and in four of the five sessions this week as traders are expressing growing impatience regarding where cumulative sales stand to China, despite USDA announcing a flash sale Friday morning, the first announcement for soybeans in a week. Corn and wheat futures displayed more resilience on Friday as compared to soybeans but slipped slightly amid spillover weakness as well as uncertainty regarding how USDA will forecast crop demand in next Tuesday's WASDE report, which will leave the supply side of the balance sheet unchanged and among record levels for corn and wheat. In outside markets, a relatively cool inflation reading in the delayed September Personal Consumption Expenditure Index keeps the Federal Reserve on track for a rate cut in their meeting next week. Energy markets were higher to close the week, having gained traction through the second half of the week after the meeting between U.S. and Russian officials in Moscow has featured little follow-through news in regard to advancing peace talks in the Black Sea region.
LIVESTOCK:
The live cattle contracts traded higher into Friday's close, as traders remain pleased with the higher uptick thus far in the fed cash cattle market. On Thursday, some Northern dressed cattle traded at $340 to $345, which is $11.00 to $16.00 higher than last week's weighted average. The South remains at an utter standstill, but trade should begin to develop before the day is done. Asking prices for cattle in the South are set at $225 plus and in the North at $346 plus. Boxed beef prices are lower: choice down $0.04 ($362.68) and select down $0.84 ($349.48) with a movement of 100 loads (81.03 loads of choice, 8.93 loads of select, zero loads of trim and 10.25 loads of ground beef).
The feeder cattle complex also traded higher into Friday's closing bell, pushing mostly $1.00 advancements into the late afternoon. Currently, the spot January contract is trading above the market's 40-day moving average, which hasn't been done since Oct. 24, but the market isn't confident enough that there's enough support to conquer the 100-day moving average.
The lean hog contracts managed a fruitful day as the market continues to push onward and higher, currently pressuring the market's resistance at $82.00 in the spot February contract. It is helping that midday pork cutout values were up over $3.00 higher, which is a significant jump and helps traders feel as though demand will remain a key factor moving forward.