By: NATHAN STUEDLE
GRAIN MARKET SUMMARY
Grain futures finished mixed Friday, with corn continuing its downward trend, soybeans posting modest gains and wheat closing mixed as traders wrapped up another volatile week.
December corn futures dropped 4½ cents to settle at $4.56 per bushel, while March corn declined 4 cents to $4.70¼. The market remains under pressure from USDA's October production estimates, which projected a national corn yield of 181.2 bushels per acre and production exceeding 16 billion bushels. Harvest activity and large domestic supplies continue weighing on corn prices, although traders are watching export demand and the possibility of additional weather-related harvest delays.
Soybeans managed to finish higher. November futures gained 3¾ cents to settle at $12.56½ per bushel, while January soybeans added 3¾ cents to $12.68¾. The gains followed renewed Chinese interest in American soybeans, with traders continuing to monitor export commitments and the pace of fall shipments. Despite the improvement, the soybean complex remains sensitive to trade uncertainty and harvest pressure. December soybean meal declined $1.20 per ton to $346.10.
Wheat futures finished mixed to lower. December Chicago wheat edged up a quarter-cent to $6.25 per bushel, while March futures slipped a quarter-cent. December Kansas City wheat declined 1½ cents to settle at $6.64½ per bushel. International export competition and uncertainty surrounding Black Sea grain shipments remain important influences on wheat prices.
Overall, Friday's grain session reflected continued weakness in corn, modest strength in soybeans and a relatively quiet finish for wheat. Large U.S. crop supplies remain a significant influence as traders prepare for another week of harvest and export developments.
LIVESTOCK MARKET SUMMARY
Livestock futures finished mostly higher Friday, with feeder cattle posting solid gains, live cattle trading mixed and lean hog futures advancing across most contracts.
October live cattle gained 12 cents to settle at $229.87 per hundredweight, while December futures finished unchanged at $231.12. February live cattle declined 10 cents to $233.35, although several deferred contracts posted gains approaching 50 cents. The cattle market continues to receive underlying support from tight U.S. supplies, while traders monitor cash cattle negotiations, packer demand and wholesale beef prices. Friday's relatively quiet nearby trade reflected some consolidation following recent market strength.
Feeder cattle futures moved higher across the board. October feeders gained $2.225 to settle at $348.325 per hundredweight, while November futures advanced $1.20 to $348.125. January feeders added $1.35 to close at $345.35. Continued weakness in corn prices provided support for the feeder cattle market by improving the outlook for feed costs. Limited replacement cattle supplies also remain an important factor supporting prices.
Lean hog futures finished higher as well. December hogs gained 2½ cents to settle at $65.575 per hundredweight, while February futures advanced 20 cents to $67.625. April hogs added 22½ cents to $72.675. The modest gains provided some stability following recent weakness in the hog market. However, traders remain focused on cash hog prices, wholesale pork demand and slaughter activity as they evaluate the potential for a sustained recovery.
Overall, feeder cattle were the strongest performers in Friday's livestock session, benefiting from lower grain prices and tight cattle supplies. Live cattle remained mixed, while lean hogs recorded modest improvements heading into the weekend.