By: NATHAN STUEDLE
GRAINS:
December corn closed down 1 1/2 cents and March corn was down 1 cent. January soybeans closed up 9 1/2 cents and March soybeans were up 8 1/4 cents. December KC wheat closed down 3 cents, December Chicago wheat was down 7 3/4 cents, December Minneapolis wheat was up 1 cent.
For the Week:
December corn closed down 4 1/4 cents and March corn was down 2 cents. January soybeans closed up 1 3/4 cents and March soybeans were up 2 cents. December KC wheat closed down 5 1/4 cents, December Chicago wheat was down 6 1/4 cents and December Minneapolis wheat was up 5 cents.
Row-crop futures caught themselves for the most part on Friday following Thursday's drastic risk-off session. The soybean complex was notably optimistic heading into the weekend with higher soybean, meal, and oil futures following heavy selling on Thursday. Meanwhile, corn futures held mostly steady while wheat futures moved lower again under technical pressure as well as follow-through disappointment in only light volumes being reportedly purchased by China over the past week. Energy prices were mixed Friday with higher crude futures but diesel prices reversing after hitting the highest price since midsummer. Meanwhile, the technical unease remains in the stock market, with the Dow Jones Industrial Average dropping again Friday for the fourth time this week after low consumer sentiment was reported by the University of Michigan on Friday and investor fears of a tech and AI-driven reversal mount.
LIVESTOCK:
After another downward waning week, where the live cattle market traded lower and lacked enough support in either realm (technical or fundamental), the live cattle contracts were finally trading a bit higher as traders have seemed to deem that the market has traded lower enough for the week. No new cash cattle trade has developed throughout the day, and at this point, it's looking like the bulk of the week's trade could essentially be done with. So far this week, Northern dressed cattle have traded mostly at $355 to $362, with most at $360, which is $2.00 higher than last week's weighted average. Southern live cattle traded at mostly $232, which is $4.00 lower than the previous week's weighted average.
Although still cautious, the feeder cattle complex traded slightly higher into Friday's closing bell, seeming to follow in the same direction as the live cattle market. Sales are still feeling a heightened level of anxiousness in the countryside, as a lower trend has been noted for the week in most classes.
Yes, pork cutout values may have been higher this morning -- up over $2.00 higher -- but it's a little too late to have much effect on the lean hog market this week, as traders haven't seen true support and stability from consumers to feel safe in trading the contracts higher. It's likely that this lower trend will continue into the early portions of next week.