By: NATHAN STUEDLE
GRAINS:
July corn closed up 3 cents and December corn was up 1 cent. July soybeans closed up 5 1/2 cents and November soybeans were up 3 3/4 cents. July KC wheat closed up 6 3/4 cents, July Chicago wheat was up 9 1/4 cents, July Minneapolis wheat was up 10 cents.
FOR THE WEEK:
July corn closed down 1 1/2 cents and December corn was up 10 3/4 cents. July soybeans closed up 15 1/2 cents and November soybeans were up 10 1/4 cents. July KC wheat closed up 16 cents, July Chicago wheat was up 20 3/4 cents and July Minneapolis wheat was up 9 3/4 cents.
Row-crop futures were mostly higher Friday, closing out what was overall a solid week for prices. Corn and soybean markets recovered through this week from bearish trade throughout most of last week, while wheat markets were able to slightly extend last week's rally. Looking ahead to next week, the market will turn its focus to the June edition of the World Agricultural Supply and Demand Estimates (WASDE) report on Thursday for insight into market fundamentals heading into the 2025 growing season. In outside markets for Friday, equities were higher after May employment data pointed to another steady month for the U.S. labor market, as the economy added more jobs through the month than expected and unemployment held at 4.2%. The report also gave a boost to the U.S. dollar heading into the weekend. Energy markets for Friday were mostly higher as well, NYMEX crude oil broke above resistance to close at the highest price since April 3 which was, of course, in the midst of the fallout from the April 2 tariff announcements. This strength helped support ethanol prices which had been grinding lower over the past several sessions, and as a result also injected strength into corn futures as well.
LIVESTOCK:
Live cattle futures continued to hold firm market support with nearby June through December contracts able to post follow-through gains late in the week. The ability to hold prices at or above contract highs is likely to help solidify additional buyer support early next week. Cash cattle markets have seen light trade reported in parts of Nebraska this morning at $242 live, $2 higher than Thursday's business and $7 above last week's weekly average. Asking prices for cattle left on showlists are around $233-plus in the South, and $383-plus in the North. So far this week, live trade in Kansas and Texas has had a range of $225 to $232, $3 to $10 higher than last week's weighted averages. Dressed deals in Nebraska and Iowa have been done at mostly $380, $13 higher than the prior week's weighted average basis in Nebraska.
Feeder cattle futures remained strong, although Friday trade did see the feeder cattle complex as the one market which has been unable to continue higher through the morning, but did manage to enter the closing bell fully higher. Very little has changed in the overall direction of the market, allowing traders a chance to square positions at the end of the week.
Lean hog futures became the bright spot of livestock trade Friday morning with moderate to strong gains developing in nearby contracts. Continued outside market support and the potential for follow-through demand support over the coming weeks and months could help bring additional buyer interest into both nearby and deferred futures contracts.
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