GRAINS:
Grain markets had become very technically overbought through the last week of December and traders responded Friday by taking risk out of positions as the problematic situation in Argentina remains in place through at least the first half of January, but late January models have shown some slight improvement to rain chances. Outside market influence to close the week leaned neutral with stronger equity markets as both the Dow Jones and S&P are attempting to find footing following steady declines through the last 10 to 15 days of 2024. The U.S. Dollar Index has relaxed Friday but overall remains very firm and near greater than two-year highs. March corn closed down 8 3/4 cents and May corn was down 9 cents. March soybeans closed down 20 1/4 cents and May soybeans were down 21 1/4 cents. March KC wheat closed down 12 3/4 cents, March Chicago wheat was down 16 1/2cents, March Minneapolis wheat was down 11 3/4 cents.
For the week:
March corn closed down 3 1/4 cents and May corn was down 3 1/4 cents. March soybeans closed up 2 cents and March soybeans were up 3 1/4 cents. March KC wheat closed down 15 1/2 cents, March Chicago wheat was down 17 1/4 cents and March Minneapolis wheat was down 17 1/2 cents.
LIVESTOCK:
After a really strong start, the cattle markets all faded lower throughout the balance of the session due to over bought conditions. We will see if the profit taking is all wrapped up come Monday. The lean hog complex isn’t seeing the same level of support that the cattle contracts are as its market is trading mostly lower. And while one would usually expect higher pork cutout values to lend some support — the market is instead trading lower as traders yearn to not only see higher daily prices but also to see consistency which has been nearly unattainable for the market as of late.
