By: NATHAN STUEDLE
GRAINS:
December corn closed down 2 3/4 cents and March corn was down 2 1/4 cents. November soybeans closed down 5 3/4 cents and January soybeans were down 4 3/4 cents. December KC wheat closed down 2 cents, December Chicago wheat was up 1/2 cents, December Minneapolis wheat was down 3/4 cents.
For the Week:
December corn closed down 3 cents and March corn was down 3 cents. November soybeans closed up 4 1/4 cents and January soybeans were up 4 cents. December KC wheat closed down 8 1/2 cents, December Chicago wheat was down 4 1/2 cents and December Minneapolis wheat was down 8 cents.
It was a slow day to close the week for futures markets as the U.S. government shutdown is in its third day, resulting in a lack of government reports to influence traders. The late week rally across row crop futures gradually exhausted itself through the session Friday, led by soybean futures, which eventually settled over a dime lower than the daily high on the November contract. Outside markets leaned positive to close the week with the Dow Jones Industrial Average accelerating weekly gains to a fresh record on Friday. Investors are currently showing no major concerns regarding the government shutdown, focusing instead on an expected rate cut in the Fed's meeting late this month. Energy markets ended the week higher, with crude oil futures narrowly avoiding five straight lower sessions amid support in the low $60 per barrel range.
LIVE CATTLE:
The live cattle complex battled through, as the market continues to feel stalemated, not seeing the support it needs to drive the contracts much higher. Between weaker cash cattle prices and lower waning boxed beef prices, the market is stuck trading steady/somewhat lower as there's not enough support to do anything different for the time being, but the market found enough for all contracts to finish in the green. Before the week ends, there should still be some more cash cattle trade to develop; however, there's only been a thin movement in the North so far, and virtually no movement yet at all in the South. Asking prices are noted at $235 to $237 in the South and $362 plus in the North.
The feeder cattle complex was back to trading moderately higher as traders are currently willing to mildly support the contracts. The live cattle complex ended giving enough support and the market was able to maintain the mild rally through the day's end.
The lean hog complex is finally seeing support work its way into the market as pork cutout values were higher, and trades allowed the contracts to trade mildly higher as well. The biggest factor helping drive the carcass price higher this morning is the belly's $6.82 jump, and the picnics $4.24 gain as well.