GRAINS:
July corn closed up 2 1/4 cents and December corn was up 3 1/4 cents. July soybeans closed up 6 3/4 cents and November soybeans were up 5 1/2 cents. July KC wheat closed down 7 1/4 cents, July Chicago wheat was down 7 1/2 cents, July Minneapolis wheat was down 7 1/4 cents.
For the week:
July corn closed down 22 1/2 cents and December corn was down 5 1/4 cents. July soybeans closed up 1 1/2 cents and November soybeans were up 6 1/2 cents. July KC wheat closed down 10 cents, July Chicago wheat was down 9 1/4 cents and July Minneapolis wheat was down 2 cents.
U.S. ag markets were mostly higher Friday with the exception of wheat futures which continue to be under heavy selling pressure ahead of Monday’s updated look into world fundamentals for the next marketing year. Corn and soybean markets traded higher, with the latter putting in double-digit gains early before strength faded by afternoon. The soybean move higher was driven primarily by trade optimism after President Trump floated the idea of an 80% tariff on China on Thursday, ahead of the meeting between officials from the United States and China on Saturday. Outside markets were mostly supportive to ag futures on Friday, with the U.S. dollar correcting slightly following a strong day Thursday and crude oil futures working toward a third positive session in the past four and trading at the highest price for the month of May thus far.
LIVESTOCK:
The live cattle complex traded mixed throughout the day, but upon seeing midday boxed beef prices lower, traders eased their support of the complex even more. A few new cash cattle bids have surfaced in the North at $225 to $228 live, but at this point, no new sales have been reported. So far this week, Northern dressed deals have been marked at mostly $355, $6 higher than last week’s weighted average, basis Nebraska, a Regional, paid as much as $360 for some cattle set for delayed delivery. The South had live sales marked at $218 to $221, mostly $219 to $220, $1 to $2 higher than last week’s weighted averages. Some more clean-up trade could develop, but by and large, it’s looking like this week’s trade is mostly done with.
The feeder cattle complex also ran out of steam ahead of the weekend as its contracts traded mostly lower into Friday’s closing bell. And while the market’s support was grandiose throughout the earlier part of the week, traders simply seem exhausted and seem to be welcoming the idea of pausing and catching their breath.
With the help of strong midday pork cutout values, the nearby lean hog contracts traded higher into Friday’s close. The gains seen this morning in pork cutout values were wild as the butt jumped $7.30, and the loin jumped $7.06. It also seems to be true that the spot June contract is finding some technical support around $97.00, which is helping find some balance in the contracts as well.
