By: NATHAN STUEDLE
GRAINS:
July corn closed down 4 3/4 cents and December corn was down 2 3/4 cents. July soybeans closed down 6 3/4 cents and November soybeans were down 7 1/2 cents. July KC wheat closed down 8 cents, July Chicago wheat was down 6 1/2 cents, July Minneapolis wheat was down 7 1/2 cents.
For the Week:
July corn closed down 15 3/4 cents and December corn was down 1 3/4 cents. July soybeans closed down 1 3/4 cents and November soybeans were up 6 cents. July KC wheat closed up 22 1/2 cents, July Chicago wheat was up 24 cents and July Minneapolis wheat was up 4 1/2 cents.
Row-crop markets were mostly lower across the board as traders returned from the holiday break ready to square positions and book profits heading into the weekend. It wasn't too surprising to see this given the strong rally in wheat prices on Wednesday and the volatile nature of weather-driven trade. Friday also supported the theory that early week gains in corn prices were primarily due to borrowed strength from the wheat market. In outside markets, investors and traders are still expressing uncertainty as to the ongoing conflict between Israel and Iran. Crude oil prices had been higher early Friday but fell off amid meetings between Iranian and European officials in search of a solution. Meanwhile, Israeli officials have indicated a "prolonged campaign" is possible and President Trump has signaled he will decide whether the U.S. will strike against Iran within the next two weeks, an added layer of uncertainty in the eyes of the market.
LIVESTOCK:
Following the severe correction that the market endured earlier this week, the live cattle complex found some technical support and trading higher into Friday's noon hour. With light trade and overall nervousness on pricing, that early confidence faded, and all contracts finished in the red. So far this week, dressed deals in the North have been mostly at $376, $4 lower than last week's weighted averages. While only a small test has been reported in the South, Kansas specifically at $231, $5 lower than last week's weighted average.
Between the strong interest from buyers this week on video sales across the nation and the added support of strong market technicals, the feeder cattle complex is had no issue trading higher this morning. However, the weakness in the live cattle complex spilled over and the feeders finished totally red as well. This afternoon's Cattle on Feed report should add a bullish feather to the market's hat, as feeder cattle placements are expected to be lighter than a year ago.
The lean hog complex was rolling through the morning as the market saw ample support from the week's strong export report and from continued support from consumers as pork cutout values are higher again and managed to finish entirely in the green at the closing bell. The biggest boost that the morning's carcass price received was from the rib's $6.65 jump, along with the ham's $4.10 jump.
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