By: NATHAN STUEDLE
GRAINS:
March corn closed down 3/4 cents and May corn was down 3/4 cents. January soybeans closed down 3 cents and March soybeans were down 2 1/2 cents. March KC wheat closed down 1 3/4 cents, March Chicago wheat was up 2 cents, March Minneapolis wheat was up 5 cents.
For the Week:
March corn closed up 3 cents and March corn was up 2 1/2 cents. January soybeans closed down 27 1/2 cents and March soybeans were down 27 1/4 cents. March KC wheat closed down 2 3/4 cents, March Chicago wheat was down 19 1/2 cents and March Minneapolis wheat was up 2 1/4 cents.
Row-crop futures were mostly moderately lower to close the week, with little fresh news to break the fall in soybean futures or encourage corn traders to challenge nearby price resistance. In outside markets, energy futures were mixed with higher crude oil and gasoline futures but sluggish diesel prices, which contributed to the pressure on oilseed markets to close the week. Equity markets were higher in quiet trade, with a higher U.S. Dollar Index as well for the third straight session.
LIVESTOCK:
Things were heating up in the cattle complex as the live cattle contracts were again pressing up against the market's 100-day moving average. Traders are seeming to hold their breath, patiently waiting to see what's going to develop in the Southern Plains as still no cattle have traded in that region. Bids are on the table in Kansas at $227, which is far below the asking price of $232 to $233, and asking prices in the North are holding steady at $358-plus. There was a light movement of trade in Nebraska at $358 Thursday afternoon, which is $4.00 higher than last week's weighted average. Boxed beef prices are higher: choice up $3.61 ($360.89) and select up $3.57 ($347.54) with a movement of 69 loads (43.73 loads of choice, 8.34 loads of select, 11.09 loads of trim and 6.32 loads of ground beef).
The feeder cattle complex pushed a dynamite rally into Friday's closing bell, as contracts were trading anywhere from $5.00 $6.00 higher. The spot March contract is currently trading above its 100-day moving average, seeming to feel well supported since the live cattle contracts are higher, fed cash cattle prices are stronger this week, and hopeful this afternoon's Cattle on Feed report will be bullish too. Time will tell.
The lean hog complex was back to trading higher as traders seemed to have regained some faith in the market but are also feeling additionally supported by the day's slight uptick in pork cutouts. It's unlikely the market will challenge resistance at $90.00, but a steady tone could be maintained through the early parts of next week.