By: NATHAN STUEDLE
Grain Market Recap
Grain futures closed mixed Friday, with strength in the wheat complex offsetting weakness in soybeans while corn finished mostly unchanged.
Corn futures spent much of the session consolidating after this week’s volatility. September and December contracts ended unchanged, while deferred contracts posted gains of a quarter to a half cent. Traders continue to balance favorable crop conditions with expectations for solid export demand as attention shifts toward next week’s USDA supply and demand reports.
Soybeans finished modestly lower, giving back between a half cent and a penny and a half. The market remained under pressure from favorable August weather forecasts and expectations for a large U.S. crop, although losses were limited by steady demand and uncertainty surrounding final yield potential.
Wheat was the clear leader to the upside. Chicago wheat rallied 6 to 8 cents, while Kansas City hard red winter wheat surged 12 to 14 cents. Ongoing concerns over global production, export competition, and short covering helped support the wheat complex.
At the close, September corn was unchanged at 4.39, September soybeans slipped three-quarters of a cent to 11.59, Chicago September wheat gained 8¼ cents, and Kansas City September wheat climbed 14¼ cents.
Livestock Market Recap
Livestock futures finished mixed Friday, with feeder cattle posting another strong advance while live cattle were mixed and lean hogs traded mostly sideways.
Live cattle contracts started the day on firm footing before giving back some of those gains. August and October futures managed to finish modestly higher, while deferred contracts were mixed to slightly lower as traders continue to monitor cash trade and wholesale beef demand.
Feeder cattle led the complex higher once again. Nearby contracts gained more than 3½ dollars, with deferred months adding roughly $2 to $3.50. The feeder market continued to draw support from tight supplies and expectations for continued strong demand from feedlots.
Lean hog futures were quiet. Nearby August futures finished unchanged, while most deferred contracts posted gains of just a few cents. Traders continue watching export demand, pork cutout values, and seasonal consumption trends for direction.