By: NATHAN STUEDLE
GRAINS:
July corn closed down 7 cents and December corn was down 5 3/4 cents. July soybeans closed down 8 cents and November soybeans were down 4 cents. July KC wheat closed up 1/2 cents, July Chicago wheat was down 1 3/4 cents, July Minneapolis wheat was down 1 1/2 cents.
For the week:
July corn closed down 29 1/4 cents and December corn was down 29 cents. July soybeans closed down 65 1/4 cents and November soybeans were down 52 1/2 cents. July KC wheat closed down 29 cents, July Chicago wheat was down 30 1/2 cents and July Minneapolis wheat was down 44 1/4 cents.
Row crops began the day on a mixed note and it briefly appeared the onslaught of selling featured this week would subside ahead of the weekend. However, this proved premature as corn, soy, and wheat futures once again headed lower through the session, with traders unwilling to look beyond a favorable June forecast for growing U.S. crops, though KC wheat was able to rally late to snap an 11-day loss streak. Outside markets also leaned bearish, with energy markets lower for a second straight session to close an overall mixed week amid conflicting reports regarding the status of negotiations between the U.S. and Iran.
LIVESTOCK:
Thursday we saw the live cattle contracts react bullishly to the announcement that a case of New World screwworm has been confirmed in Texas for the first time in the last 60 years. Friday the bullishness continued as even the fed cash cattle market is trading higher. Some light trade is noted in Kansas at $257 to $258, which is $2.00 to $3.00 higher than the bulk of this week's trade and steady to $1.00 higher than last week's weighted average. A few bids are on the table in the North, but at this point no new dressed sales have been reported. So far this week Northern cattle have traded at mostly $405, which is steady with last week's weighted average.
The feeder cattle complex also traded higher as it pushed a somewhat modest rally into Friday's noon hour, only to fade by and finish flat to only slightly higher. As long as the live cattle contracts continue to trade higher, the market will likely keep with its upward trend given that enough support is available in the complex right now.
While the cattle complex is seeing an influx of support, the lean hog contracts crashed lower again as traders have all but pulled their support from the sector. You can't point to a lack of fundamental support this week as cash prices and consumer support have both been stronger.