By: NATHAN STUEDLE
GRAINS:
September corn closed up 1/4 cent and December corn was down 3/4 cent. August soybeans closed up 3 cents and November soybeans were down 1 1/2 cents. September KC wheat closed up 3 1/2 cents, September Chicago wheat was down 1/4 cents, September Minneapolis wheat was up 1/4 cents.
FOR THE WEEK:
July corn closed up 12 1/4 cents and December corn was unchanged. July soybeans closed up 5 1/2 cents and November soybeans were down 8 1/2 cents. July KC wheat closed up 16 cents, July Chicago wheat was up 12 1/4 cents and July Minneapolis wheat was up 14 1/2 cents.
Many traders likely called an early end to their work week Thursday with volume notably missing from the row-crop trade and as a result futures lacked conviction in either direction to close the week. When traders return next week, July weather forecasts will likely be the first indicator checked when deciding positions moving forward with corn pollination just around the corner. Outside markets were also mixed to close the week, with crude oil futures once again lower and almost directly at pre-war levels from late February. Meanwhile, the June jobs report showed much lower job creation than had been expected, at least temporarily pressuring interest rates as well as the U.S. Dollar Index to close the week.
LIVESTOCK:
Live cattle futures were showing additional end-of-week weakness with late 2026 and early 2027 contracts holding losses at or near $2 per cwt at the close Thursday. Market apathy continues due to very light trade volume during the holiday week, as well as little to no new fundamental or technical market factors developing Thursday. All nearby contracts were trading below the $240 per cwt threshold, which could create an additional barrier for the market in the next couple of weeks. Futures markets are closed Friday, with a normal schedule for Monday, potentially bringing back additional volume and interest.
Feeder cattle futures continued to erode lower Thursday, despite hope that traders would try to square positions at the end of the week following strong market pressure during the entire week. With front-month futures falling over $10 per cwt in the last week, the concern is additional market pressure may develop despite continued focus on tight supplies and overall expectations that domestic beef demand will remain strong in the upcoming months. Very limited market interest is seen in a feeder cattle complex that is hard pressed to be actively traded in a normal week. The expectation that additional volume will return to the market early next week could bring about additional volatility to the feeder cattle market Monday.
Lean hog futures were the bright spot of the livestock complex Thursday morning, but only because nearby trade is holding prices in positive territory, compared to moderate to strong losses developing in cattle trade. Little to no additional fundamental or technical shifts have developed in late-week trade as traders prepare more for the long holiday weekend than any other factor at this point. August futures are leading the complex higher with more than $1 per cwt gain, but the August complex also has significantly lower market volume than surrounding contracts. This light volume adds to uncertainty about how substantial the late-week gains are and whether this support can hold early next week when additional trade volume enters the market.