By: NATHAN STUEDLE
GRAINS:
Corn futures were higher Friday. Soybean futures were also higher; wheat futures were mixed at best on the session. The U.S. stock market was firmer, with the S&P higher. The U.S. Dollar Index was slightly lower. The interest rate products were flat. Energy trade was firmer with crude oil and natural gas both trading higher. Precious metals were firmer with gold up 37.00.
LIVESTOCK:
The live cattle complex was still sporting a fruitful rally into Friday's close, as traders seem to be again believing in the market's bullish long-term fundamentals despite plenty of volatility over the last month. There was some light cash cattle trade reported in the South at $220, which is roughly $5.00 higher than the business that developed earlier in the week, but still $2.00 to $4.00 lower than last week's weighted average. No new dressed cattle trade has developed at this point. Earlier in the week, Northern dressed cattle were trading at mostly $330, which is $13.00 lower than last week's weighted average. Boxed beef prices are lower: choice down $1.39 ($366.89) and select down $5.13 ($350.38) with a movement of 60 loads (46.58 loads of choice, 2.89 loads of select, 5.35 loads of trim and 4.79 loads of ground beef).
The feeder cattle contracts saw the biggest day of gains as some of the contracts were up their daily trading limit, up $9.25. Helping spur this positive momentum was the interview shared with Agriculture Secretary Brooke Rollins, where she discussed several important issues, such as the border. The main points she stated about the border's reopening (when it does happen) are that not all of the ports will reopen at once, and that it will be a slow and methodical process, and the market will not see a million imported cattle show up overnight, which was a major relief to hear.
The lean hog complex traded along both sides of steady as the market looks for continued reassurance following Wednesday's dramatic rally. There's been very little interest this week in the cash hog market, but pork cutout values are again up slightly.