GRAINS:
December corn closed up 3/4 of a cent and March corn was up 1 cent. November soybeans closed up 8 3/4 cents and January soybeans were up 8 1/4 cents. December KC wheat closed up 2 3/4 cents, December Chicago wheat was up 1 1/4 cents, December Minneapolis wheat was down 1 cent.
For the Week:
December corn closed up 9 1/2 cents and March corn was up 7 1/2 cents. November soybeans closed up 12 3/4 cents and January soybeans were up 13 1/2 cents. December KC wheat closed up 8 1/2 cents, December Chicago wheat was up 5 1/4 cents and December Minneapolis wheat was down 3 1/4 cents.
Corn, soy, and wheat markets continued their weekly recovery efforts, gaining back losses from last week’s trade-war-induced selloff. President Trump said early Friday he still plans to meet with China’s President Xi in South Korea at the end of the month, ahead of a Nov. 1 target date to potentially raise tariffs against China in response to recent restrictions imposed on rare-earth exports by China. This is providing some optimism to traders that, as was the case through the summer, an extension of the previous “trade truce” will be achieved, although how soybeans and other key ag exports will fare in any such agreement remains in the balance. Stock indices were higher following the president’s comments, while higher gasoline and diesel prices for Friday also supported corn and soy futures.
LIVESTOCK:
It was a tumultuous session for the live cattle complex, as the market opened in a panicked manner, as on Thursday afternoon, President Trump shared that the administration is going to do something about beef prices being too high. Although no specific details have been shared just yet, there’s a belief that some sort of deal could have been done with Argentina, as President Trump just met with their President, Javier Milei, at the White House. This comes at such an un-opportunistic time as the fed cash cattle market is trading anywhere from $5.00 to $9.00 higher, which should have a bolstering effect on the market, but this looming news has clouded that positive fundamental achievement. This news development has been gut-wrenching for the market as the cattle complex was just in the middle of adding another record-breaking high to the complex’s already impressive rally, but this development has completely shaken the complex.
It comes as no real surprise that the news from President Trump about a potential fix on beef prices being too high sent the feeder cattle complex limit lower in all of its contracts except the soon-to-expire October 2025 contract. This news development has been gut-wrenching for the market as the cattle complex was just in the middle of adding another record-breaking high to the complex’s already impressive rally, but this development has completely shaken the complex.
The lean hog complex traded mostly higher, although a couple of the nearby contracts traded slightly lower. The market’s positive turn could be partly because of the uptick in pork cutout prices, but it could also be that traders believe the market has traded lower enough for the time being.
