GRAINS:
Friday featured heavy selling in soybeans and wheat futures to close out the week; corn also finished lower, albeit with more moderate losses. We are now a week removed from the October WASDE which pegged U.S. corn production at the second highest mark ever and U.S. and Brazil soybeans at record production for the 2024-25 crop year. Despite strong demand performance in export business again this week, traders seem wholly fixed on these supply estimates, and as a result are reluctant to allow prices much upside. December corn closed down 2 cents and March corn was down 2 1/4 cents. November soybeans closed down 18 3/4 cents and March soybeans were down 13 1/2 cents. December KC wheat closed down 15 1/4 cents, December Chicago wheat was down 16 3/4 cents and December Minneapolis wheat was down 12 1/4 cents.
For the week:
December corn closed down 11 cents and March corn was down 14 cents. November soybeans closed down 35 1/2 cents and March soybeans were down 38 3/4 cents. December KC wheat closed down 23 3/4 cents, December Chicago wheat was down 26 1/4 cents and December Minneapolis wheat was down 27 1/4 cents.
LIVESTOCK:
Strong underlying support held in all live cattle and most feeder cattle futures contracts during Friday’s trade. November through April feeder cattle contracts traded over $2 per cwt higher during the first few hours of the session helped spark renewed commercial buyer activity across the entire complex. Traders seem to be willing to carry current positions and price levels into next week. Lean hog futures are traded higher, but with more limited optimism than the adjoining cattle complex.
