Grains:
December corn closed down 3 3/4 cents and March corn was down 4 1/2 cents. November soybeans closed down 1 3/4 cents and January soybeans were down 2 cents. December KC wheat closed down 9 cents, December Chicago wheat was down 9 1/2 cents, December MIAX Minneapolis wheat was down 9 1/2 cents.
Soybean futures once again traded lower on Friday, down double digits in the morning trade before recovering much of the day's losses by the close. Still, it was an ugly week for soybean price action, with the November board trading lower in each of the five sessions. Corn and wheat futures were also lower in a particularly disappointing session from a technical standpoint with December futures contracts for both commodities setting a new weekly low heading into the weekend. Another day of outside energy strength went largely ignored by the row-crop sector, with West Texas Intermediate crude prices higher for a seventh straight day and eclipsing the $100 per barrel level once again. The U.S. Dollar Index also fell to close the week -- the first back-to-back lower days for the Dollar in almost a month. The Index finished well off the low of the day with treasury yields firm on the higher energy prices and lingering inflation concerns.
Livestock:
What a day it has been for the live cattle complex. Not only was the futures market rallying, but thanks to feedlot managers' dedication and willingness to wait and be patient, some light trade had been noted at $228 in Texas by midday, which is $6 higher than last week's weighted average. Traders believed the fed cash cattle market would trade higher this week, and lo and behold, the early tests of the market thus far have been higher indeed.
The lean hog complex was trading higher into Friday's noon hour as traders had taken note of the day's $5 advancement in pork cutout values. Weak pork demand has been the market's biggest hinderance as of late, so seeing an increase in demand is fantastic, let alone a $5 advancement.