GRAINS:
Soybean and soymeal futures surged Friday while December corn challenged the recent high ahead of Monday’s USDA small grains summary and September 1 stocks report. Bean oil continued to correct following Thursday’s reversal, and all three wheat markets slipped lower. Late-day hedge selling took the corn and soy markets off the highs.
December corn closed up 4 3/4 cents per bushel at $4.18 and March corn was up 4 cents at $4.35 0/1. November soybeans closed up 24 3/4 cents at $10.65 3/4 and January soybeans were up 23 3/4 cents at $10.83 0/1. December KC wheat closed down 2 1/4 cents at $5.76 3/4, December Chicago wheat was down 4 1/4 cents at $5.80 0/1 and December Minneapolis wheat was down 3 1/4 cents at $6.08 1/4.
For the Week:
December corn finished up 16 ¬ at $4.18. November soybeans finished up 53 3/4 at $10.65 3/4. December Chicago wheat finished up 11 1/2 cents at $5.80. December KC wheat finished up 12 3/4 cents to settle at $5.76 3/4. December Minneapolis wheat closed the week up just 1/2 at $6.08 1/4.
LIVESTOCK:
Thanks to the fundamental support seen this week from the cash cattle complex, the live cattle market is trading mostly higher into Friday’s close. Some of the furthest deferred contracts are trading slightly lower, but overall, the market is flush with optimism thanks to the cash market’s $2.00 to $4.00 advancement yet again this week. The feeder cattle market feels well supported by the cattle complex fundamental gains this week. With the live cattle contracts trading higher and the fed cash cattle market able to rally another $2.00 to $4.00 higher this week, feeders are seeing ample support. Following Thursday’s Quarterly Hogs and Pigs Report, the lean hog complex is continuing to trade lower as traders are concerned about pork demand amid a 5% increase compared to a year ago on hogs weighing 180 pounds or more. Thankfully today’s midday carcass prices are indeed higher, but traders are concerned that that won’t be the trend moving forward as front-end supplies of market-ready hogs are exuberant which will likely cause the carcass prices to fall and cash prices as well. And because of those fears and concerns, traders are letting the contracts drift lower into Friday afternoon.
