By: NATHAN STUEDLE
GRAINS:
December corn closed up 1/4 cents and March corn was down 1/4 cents. November soybeans closed down 12 cents and January soybeans were down 11 3/4 cents. December KC wheat closed down 2 3/4 cents, December Chicago wheat was down 1 3/4 cents, December Minneapolis wheat was down 4 1/4 cents.
For the week:
December corn closed down 6 cents and March corn was down 6 cents. November soybeans closed down 20 3/4 cents and January soybeans were down 20 1/2 cents. December KC wheat closed down 7 1/2 cents, December Chicago wheat was down 1 cents and December Minneapolis wheat was down 4 1/4 cents.
It was a two-sided session across U.S. row-crop futures to close the week. Trade began with a general sense of optimism as the awaited phone call between President Trump and China's President Xi began right around 8 a.m. EDT Friday morning. Soybean futures raced to a 10-cent gain at one point before crashing by late morning to double-digit losses at one point after soybeans didn't appear to be near the top of the list of issues discussed between the two leaders. That being said, the talks did appear to be cause for some optimism as it is reported that Presidents Trump and Xi will meet in person in South Korea later this fall, and that President Trump would travel to China early in 2026, both positive signs in the trade relationship. For outside markets, the news of an approved deal on TikTok as well as the aforementioned other positives, sent equities higher to close the week, with a firmer U.S. dollar as well. Lastly, energy markets pressured ag futures to close the week, dropping for a third straight session as the Russian sanction bullish move has run its course for the time being amid ample world oil supplies.
LIVE CATTLE:
The live cattle complex traded fully higher into Friday's closing bell as the marketplace has again found some favor from traders. Bids were on the table this morning in the fed cash cattle sector as more cattle needed to trade before the week's end. Asking prices were firm at $242 plus in the South and at $372 plus in the North. So far this week, a light trade took place in the North at $370, which is $6.00 lower than last week's weighted average. And yes, a regional packer did pay as much as $376, which is steady with last week's weighted average, but that was only on a few head. Some light trade did take place in the South at $240, which is steady to last week's weighted average as well. Do note that this afternoon, the monthly Cattle on Feed report will be shared, and the placement data will again be the wild card as pre-report estimates were all over the place.
And once again, the feeder cattle complex fell right in line with what the live cattle contracts are doing as traders push both markets higher. It is worth noting, however, that the market is again seeing the biggest day-over-day gains in the furthest deferred months as those contracts were trading as much as $4.00 higher.
The lean hog complex traded mostly higher into Friday's closing bell as traders are comfortable letting the complex chop sideways/slightly higher. It is helpful that midday pork cutout values were stronger, but it's unlikely and traders didn't do anything wild in the futures complex ahead of the weekend.