By: NATHAN STUEDLE
St. Joseph Post
GRAINS:
July corn closed down 3 1/4 cents and December corn was up 3 cents. July soybeans closed up 7 3/4 cents and November soybeans were up 6 1/2 cents. July KC wheat closed up 13 3/4 cents, July Chicago wheat was up 12 cents, July Minneapolis wheat was up 15 1/2 cents.
For the week:
July corn closed down 15 cents and December corn was down 6 1/4 cents. July soybeans closed down 4 cents and November soybeans were down 5 cents. July KC wheat closed down 9 1/2 cents, July Chicago wheat was down 1 1/2 cents and July Minneapolis wheat was up 3 1/4 cents.
U.S. crop markets were again quiet, but mostly higher, with soybeans leading the way after reports Friday morning that Chinese officials were open to trade discussions with the U.S. but would first like to see a "softening" of the tariffs implemented last month. Meanwhile corn futures continue to struggle with chart resistance, while also appearing to be subject to some spread trading between corn and wheat markets, with the latter finally showing some life to avoid a 5-day losing streak on KC futures for the week. Outside market influence for Friday was mixed with stock indices higher after a strong reading on the U.S. labor market for April, in what was really the first significant macro report with data following the April 2 tariff spike. Meanwhile, crude oil futures shrugged off reversal action on Thursday to trade lower again Friday, which provided pressure to soybean oil futures.
LIVESTOCK:
After seeming like the market may have received all the technical support it was going to for the week, on Friday, traders decided to give the cash cattle market the support it undeniably deserves and to again push the contracts higher. Currently the spot August contract is trading at yet another new contract high, which will be something to watch for into next week. No new cash cattle trade has developed today and it's likely that aside from a few clean up deals here and there, that the bulk of this week's trade is done with.
The feeder cattle complex saw the same support in which the live cattle contracts achieved, as most of its contracts at least threatened a $3.00 higher move into Friday's close. Support has poured into the feeder cattle complex from nearly all directions -- higher fed cash cattle prices, stronger support in the futures complex and nearly unfathomable demand in the countryside for feeder cattle. The only major factor to monitor, will be whether or not traders continue to maintain these high price point on the futures complex or not.
With a little extra help from stronger morning pork cutout values, the lean hog complex also traded higher into the closing bell. The gains were wild this morning in terms of the individual pork cuts as the butt was up $10.67, and the loin was up $5.34.
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