By: NATHAN STUEDLE
GRAINS:
September corn closed down 1 3/4 cents and December corn was down 3/4 cents. August soybeans closed down 4 1/4 cents and November soybeans were down 4 1/4 cents. September KC wheat closed down 4 cents, September Chicago wheat was down 4 1/2 cents, September Minneapolis wheat was up 1/2 cents.
For the week:
September corn closed down 9 cents and December corn was down 8 3/4 cents. August soybeans closed down 29 cents and November soybeans were down 14 3/4 cents. September KC wheat closed down 2 1/2 cents, September Chicago wheat was down 8 cents and September Minneapolis wheat was down 10 3/4 cents.
Friday's session marked a quiet close to an overall dull week of trade which saw most crop prices drift lower, giving back roughly half of last week's gains in the process as traders clearly are seeing little urgency at this point to commit to sustained buying. Traders currently are betting friendly growing weather forecast through the first week of August means big U.S. yields and ample supplies of commodities by fall 2025. In outside markets, investors have remained confident through the week's trade deal announcements as well as President Trump saying during his visit to the Federal Reserve on Thursday that there are no current plans to attempt to remove Fed Chair Powell from his position. The U.S. dollar is working toward a second session higher while the S&P500 is pressing further into record highs.
LIVESTOCK:
The live cattle complex traded slightly higher into Friday's close as traders were optimistic about what this week's fed cash cattle market was going to do. Also lending positive support to the live cattle complex was the fact that the afternoon's Cattle on Feed report is expected to showcase fewer placements and lighter on-feed totals, and don't forget that the semi annual Cattle Inventory report was also going to be released later this afternoon as well. A few bids are currently on the table at $230 in Kansas, $238 live in the North and $376 dressed. Packers are undoubtedly going to need to get more aggressive before the week's end, as they can't afford to go short-bought into next week's trade.
The feeder cattle complex also used the day to trade higher as its contracts were conformably trading well over $1.00 stronger in most of the nearby months. With the continued support of red-hot feeder cattle demand in the countryside, traders have all the support they could ever wish for.
The lean hog complex again traded lower as the market seems skeptical to advance much higher as traders are facing some resistance pressure. Pork demand and cash prices have been supportive this past week, but with traders unwilling to challenge the futures complex's resistance, lower is the only direction for the market to trade.