By: NATHAN STUEDLE
GRAIN MARKET SUMMARY
Grain futures finished mixed Friday, with corn posting another round of losses, soybeans trading on both sides of unchanged, and wheat showing mixed results as traders closed out the final trading session of October.
December corn futures declined 3¾ cents to settle at $4.47¾ per bushel, while March corn lost 3¾ cents to close at $4.61. May futures dropped four cents, finishing at $4.69. Corn continues struggling with the prospect of a record U.S. harvest. USDA's October production forecast projected a national average yield of 181.2 bushels per acre and production exceeding 16 billion bushels. Those substantial supplies remain a bearish influence, although strong ethanol production and continued export demand are providing some underlying support.
Soybean futures were mixed Friday. November soybeans gained 2½ cents to settle at $12.22¼ per bushel, while January futures slipped half a cent to close at $12.34½. March soybeans managed a quarter-cent gain to finish at $12.43¾. Recent Chinese purchases of American soybeans have strengthened export demand, although competition from Brazil and uncertainty surrounding international trade continue influencing prices. Soybean meal remained under pressure, with December futures declining $4.70 per ton to $324.60.
Wheat futures also finished mixed. December Chicago wheat edged a quarter-cent lower to settle at $6.03½ per bushel, while December Kansas City wheat lost one cent to close at $6.44¼. However, several deferred Chicago wheat contracts posted gains of as much as three cents. Wheat continues facing international export competition and uncertainty surrounding Black Sea grain shipments. Recent improvements in weekly export sales have provided some encouragement, but global supply conditions remain an important influence.
Overall, Friday's grain trade reflected continued pressure on corn, relatively stable soybean prices and a mixed finish for wheat. Traders will be watching harvest progress, Chinese soybean demand and global grain developments as November trading begins.
LIVESTOCK MARKET SUMMARY
Livestock futures suffered substantial losses Friday, with live cattle and feeder cattle plunging while lean hog futures also finished mostly lower.
Live cattle futures experienced widespread selling pressure. October live cattle declined $3.27 to settle at $224 per hundredweight, while December futures plunged $5.35 to $220.95. February live cattle dropped $5.27 to close at $224.20, and April futures lost $5.45 to finish at $226.62. The sharp declines extended recent weakness in the cattle complex, despite historically tight domestic supplies. Traders remain concerned about cash cattle negotiations, packer demand and wholesale beef values as the market struggles to establish support following several volatile sessions.
Feeder cattle futures suffered even steeper losses. November feeders plunged $8.70 to settle at $337.77 per hundredweight, while January futures dropped $10.17 to $331.77. March feeders lost $10.50 to close at $327.27, with several deferred contracts falling more than ten dollars. The substantial losses came despite continued weakness in corn prices, which would normally provide some relief to cattle feeding operations. Friday's widespread selling reflected significant pressure across the entire cattle complex.
Lean hog futures also moved lower, although losses were considerably smaller than those in cattle. December hogs declined 95 cents to settle at $58.87 per hundredweight, while February futures lost 97½ cents to $63.75. April hogs dropped $1.12 to close at $69.50. The hog market continues facing uncertainty surrounding cash prices, wholesale pork demand and export opportunities. Most deferred contracts also finished lower, although October 2027 hogs managed a modest gain.
Overall, Friday was an especially difficult session for livestock futures, with feeder cattle experiencing the heaviest losses and live cattle extending their recent decline. Lean hogs also remained under pressure as traders closed out a volatile week.