Grains
December corn closed down 4 3/4 cents and March corn was down 4 1/4 cents. November soybeans closed down 3 cents and January soybeans were down 1 3/4 cents. December KC wheat closed up 1 1/2 cents, December Chicago wheat was down 1/2 cents, December MIAX Minneapolis wheat was down 1 cent.
Most crop and product futures were lower on Friday, with the exception of wheat and soybean meal markets. Overall, the slip in corn and soybean futures heading into the weekend can likely be chalked up to profit-taking as well as producers taking advantage of the price bounce to secure any cash flow needs as harvest winds down. Outside markets for Friday were mostly positive, with Consumer Price Index data for September showing a slight uptick in U.S. inflation, but below what had been expected, keeping the Federal Reserve on track to cut interest rates in its meeting next week and likely again in December and possibly in January as well. Energy markets were higher on follow-through from Thursday's spike due to steep U.S. sanctions on the Russian oil industry.
Livestock:
Emotional damage done this past week is the primary reason why the cattle complex was trading lower. With the chaos that ensued over the announcement of potentially cheapening beef prices with Argentina imports, the market was a hot topic this week for everyone. Now that the market sits a couple of hours away from closing for the week, traders are waving their white flag, all but saying, "We've had enough already, let this week end."
The lean hog complex traded mixed as the market didn't have enough support to really push prices higher ahead of the day's close, so a mixed tone is what traders felt safest with.