GRAINS:
May corn closed down 6 3/4 cents and July corn was down 4 3/4 cents. May soybeans closed up 5 1/4 cents and July soybeans were up 5 cents. May KC wheat closed down 1 1/2 cents, May Chicago wheat was down 5 1/2 cents, May Minneapolis wheat was down 2 cents.
For the week:
May corn closed down 10 3/4 cents and July corn was down 8 1/4 cents. May soybeans closed down 9 cents and July soybeans were down 8 3/4 cents. May KC wheat closed up 21 1/4 cents, May Chicago wheat was up 5 3/4 cents and May Minneapolis wheat was up 9 cents.
Corn and wheat markets traded lower Friday, the latter posting a discouraging reversal of nearly a dime off daily highs in Kansas City futures. Meanwhile, soybean markets held onto marginal gains despite outside pressure in a display of resiliency just above long-term support. Outside market influence to close the week was mostly positive, as U.S. stock indices finished a rough week on a strong note after it was announced that the U.S. government will likely avoid a shutdown this month. Meanwhile, consumer confidence reading Friday morning was the lowest since late 2022. As a result, gold futures surged, hitting $3,000 per troy ounce for the first time ever. The U.S. dollar was again lower but overall has leveled off this week following last week's dive.
LIVESTOCK:
Although traders are still waiting to see how this week's cash cattle trade is going to pan out, the live cattle contracts are traded modestly higher as bullish undertones continue to be the theme of its market. Asking prices this week were noted in the South at $202 to $204 and in the North at $325 plus.
The feeder cattle complex continued to trade higher as the market is well supported by the live cattle complex's higher front and by continued support in strong feeder cattle demand in the countryside. So long as the live cattle complex continues to trade higher and fed cash cattle prices trade anywhere from steady to somewhat higher, it's likely the feeder cattle complex will be able to keep its momentum.
The lean hog complex traded mixed as the nearby contracts were mildly higher thanks to the uptick in pork cutout values, but the deferred contracts remain leery of being too supportive and continue to trade lower. It's positive to note that this morning on the pork cutout report every single cut printed higher, which is a good sign of robust consumer demand.
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