GRAINS:
Wheat and corn continued to correct lower Friday, with wheat selling more intense following a better-than-expected jobs number leading to the fifth consecutive rise in the U.S. Dollar Index. Soybeans and soy products faltered after a firmer opening as rain chances improved for Brazil and the U.S. harvest weather remains favorable for the next few weeks.
December corn closed down 3 1/2 cents per bushel at $4.24 3/4 and March corn was down 4 1/4 cents at $4.41 3/4. November soybeans closed down 8 1/4 cents at $10.37 3/4 and January soybeans were down 8 1/2 cents at $10.56 0/1. December KC wheat closed down 13 1/2 cents at $5.98, December Chicago wheat was down 13 3/4 cents at $5.89 3/4 and December Minneapolis wheat was down 7 3/4 cents at $6.38 1/2.
For the Week:
December corn was up 6 3/4 to $4.24 3/4. November soybeans finished down 28 cents for the week at $10.37 3/4. December Chicago wheat closed up 9 3/4 cents at $5.89 3/4. December KC wheat finished up 21 1/4 cents at $5.98. Minneapolis December wheat closed up 30 1/4 cents to settle at $6.38 1/2.
LIVESTOCK:
Even though the market’s test of the cash cattle market has been limited at this point, traders are thrilled to see that Southern live cattle are being marked at $186 which is $1.00 higher than last week’s weighted average. Also helping drive traders to again support the market is that midday boxed beef prices are up significantly, with midday choice cuts back above $300. It’s unlikely that traders will punch enough into the market to drive the spot December contract to resistance levels but will likely instead mildly support the market thanks to stronger fundamentals and let next week’s trade sort out whether or not the market’s resistance should be challenged. With the corn complex trading lower and the live cattle/fed cash cattle market lending ample support — it’s been an easy decision for traders to again mildly support the feeder cattle contracts. The lean hog complex is again trading mixed as traders have shifted their attention to the cattle complex and aren’t overly impressed with the hog sector as midday pork cutout values are lower and not enough cash hogs have traded to even be publicly reported.
