By: NATHAN STUEDLE
GRAINS:
The wheat market led row crops higher on Friday, shaking off an otherwise sluggish week as traders took Thursday's successful hold of chart support, and lack of a deal between the U.S. and Iran as reason enough to halt profit-taking and follow the influence of higher crude oil prices to close the week. Along those lines, there were reports that Thursday's negotiations made some progress, and talks are expected to continue. Meanwhile, the surge in wheat prices positively influenced corn futures as well, which rose for the third straight session while covering technical ground. Soybeans were mixed through much of the session, struggling with resistance and hedging pressure as prices tread among November highs currently, but well supported to the downside by trade optimism and concerning conditions for the Argentine crop and ultimately managing a very strong close for the week. In outside markets, equities moved sharply lower again with the Dow Jones Industrial Average threatening a monthly loss for February, which would be the first monthly loss since April of 2025.
May corn closed up 5 cents and July corn was up 4 3/4 cents. May soybeans closed up 7 1/4 cents and July soybeans were up 6 1/2 cents. May KC wheat closed up 18 1/4 cents, May Chicago wheat was up 17 cents, May Minneapolis wheat was up 14 cents.
LIVESTOCK:
Live cattle futures posted active pressure across all futures contracts, with spot month February contracts trading $2 per cwt lower, while other nearby contracts traded $3 to $3.60 per cwt lower. Continued strong pressure in outside markets is adding additional pressure to the entire live cattle complex. Cash cattle markets are starting to improve with light trade reported in parts of Kansas at $244, $5 lower than last week's weighted averages. A few live deals are also being reported in parts of Nebraska. Some bids are now on the table in Texas, but so far, they are being passed. Boxed beef prices are Higher: choice up $1.08 ($378.97) and select up $3.44 ($374.23) with a movement of 48.35 loads (38.87 loads of choice, 2.46 loads of select, no loads of trim and 7.02 loads of ground beef).
Feeder cattle futures were leading the market lower Friday, as buyer support seemed to crack during the Thursday trading session. The overall lack of buying interest stepping into the market during initial trade Friday in outside markets seemed to leave even more pressure flooding into the complex. Spot month contracts held the best at this point with prices over $5 per cwt lower at midday, while other nearby contracts held $7 to $7.50 per cwt losses as traders have not only focusing on outside market pressure, but also a lack of market stability through the entire beef complex at the end of the month.
Lean hog futures once again were the quiet and more stable livestock market of the complex, with prices mixed within a very narrow trading range despite the aggressive selling pressure flooding into both the cattle trade and outside financial markets. April futures continued to trade higher through the morning and heading into midday, with a 30-cent gain developing. The rest of the complex remained slightly under pressure with losses of 5 to 15 cents per cwt holding in most nearby contracts. The overall lack of direction in both pork market technical trade as well as stability in market fundamental direction through late February seems to be a welcome relief compared to the market pressure across other markets.