By: NATHAN STUEDLE
GRAINS:
September corn closed up 6 1/2 cents and December corn was up 6 3/4 cents. August soybeans closed up 6 1/4 cents and November soybeans were up 9 1/4 cents. September KC wheat closed up 11 1/2 cents, September Chicago wheat was up 12 3/4 cents, September Minneapolis wheat was up 1/2 cents.
For the week:
September corn closed up 12 1/2 cents and December corn was up 15 1/2 cents. August soybeans closed up 23 1/2 cents and November soybeans were up 28 1/2 cents. September KC wheat closed up 4 3/4 cents, September Chicago wheat was up 1 1/4 cents and September Minneapolis wheat was down 1/5 cents.
Grain futures rebounded from a shaky Thursday session to roll into the weekend with strong gains, led by wheat finally catching a bid amid contract lows to trade double-digits higher for winter varieties. Meanwhile, soybeans strung together three solid days to close the week, adding over 30 cents of value to the new-crop November contract from Tuesday's close. Commodity markets did fade off daily highs as the session wore on Friday, with profit-taking beginning in energy markets before seeping into agriculture markets by late morning. After Friday's close, traders will want to tune in for the CFTC's latest Commitments of Traders Report which will shed light on trader positions as of Tuesday's close.
LIVESTOCK:
The live cattle complex traded lower as the market is no longer seeming confident in the levels reached earlier this week. It's slightly frustrating to see the futures complex trading lower while feedlot managers were able to keep the cash cattle market steady to $1.00 higher in both regions, but the fact remains that traders simply seem uncomfortable and because of that, the contracts traded lower.
The feeder cattle complex continued to follow in the live cattle complex's wake, so it comes as little to no surprise that the contracts traded fully lower into Friday's closing bell. And at this point, it's unlikely that the market will change its direction for the short term.
The lean hog complex traded mostly mixed into Friday's close, as the market continues to build off the positive technical footing in which the market has established in the contracts, and upon the higher uptick in pork demand. It's rather impressive to note this morning that there isn't one single major cut that was lower on today's midday report.
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