By: NATHAN STUEDLE
GRAIN MARKET SUMMARY
Grain futures closed mostly higher Friday, wrapping up another strong week with soybeans and wheat leading the way.
December corn gained 3 cents to $5.36½ after reaching another new contract and three-year high during the session. For the week, December corn gained about 28 cents.
Soybeans were sharply higher. November beans jumped 20 cents to $12.88, reaching a new contract high and the highest level in roughly two-and-a-half years. December soybean meal gained $8.00 to $348.90. Strong export demand remains a major driver, including additional soybean sales to China announced Friday morning.
Wheat continued its explosive rally. December Chicago wheat gained 23¼ cents to $7.84, while December Kansas City wheat climbed 22 cents to $8.44¼. Both reached new contract and three-year highs. Black Sea export disruptions, strong demand, declining U.S. yield expectations and heavy fund buying continue to support the grain complex.
For the week, Chicago wheat gained nearly 85 cents, making it the clear leader in an exceptionally strong week for grain prices.
LIVESTOCK MARKET SUMMARY
Livestock futures went in opposite directions Friday, with cattle giving back some of Thursday’s rebound while lean hogs finished sharply higher.
October live cattle fell $1.20 to $211.72, while December lost $1.07 to $213.72. Deferred live cattle contracts were generally 60 cents to $1.30 lower.
Feeder cattle were under even more pressure. September feeders dropped $1.55 to $320.90, October lost $1.55 to $316.52, and deferred contracts were down roughly $1.50 to nearly $2.00. Cash cattle trade developed in the South around $222 live, about $3 below last week’s weighted average. For the week, October live cattle lost more than $6, with the beef import plan and weak technical picture continuing to weigh on the market.
Lean hogs were the bright spot. October hogs rallied $1.27 to $81.90, December gained $1.10 to $72.30, and the rest of the board was generally better than a dollar higher.
So we finish the week with renewed pressure across cattle and feeder cattle, while bargain buying and short covering produced a strong Friday finish for lean hogs.