By: NATHAN STUEDLE
GRAINS:
July corn closed up 5 1/2 cents and December corn was up 4 1/2 cents. July soybeans closed up 7 3/4 cents and November soybeans were up 9 3/4 cents. July KC wheat closed up 1 cents, July Chicago wheat was up 1 cents, July Minneapolis wheat was down 1 3/4 cents.
Corn futures moved higher yet again on Friday, shaking off Thursday's brief turn lower and again challenging 2026 highs. Soybeans also posted moderate gains heading into the weekend, especially on new-crop futures where calendar year highs were also achieved. Wheat traded more mixed in nature, facing technically based profit-taking but still supported overall by growing concern for upcoming world crops. Meanwhile, reports on Friday were that Iran has sent a new proposal to the U.S. for resolving the conflict in the U.S., which would involve the U.S. ending its blockade and Iran opening the Strait of Hormuz. Crude oil futures traded lower for the second straight session to close the week as a result, the first back-to-back lower sessions for West Texas Intermediate markets in a month, though prices remain over $100 per barrel.
LIVESTOCK:
Although it looks like the vast majority of this week's trade in the fed cash cattle market is complete, traders allowed the live cattle contracts to trade slightly higher and maintain a sideways chop in the upper echelon of its new trading range early, but faded to finish lower for the day. So far this week, trade has had a fairly wide range, with Northern dressed trade done at $392 to $405, mostly $400, $14 higher than the previous week's weighted averages. Southern live deals have had a range of $250 to mostly $255 to $256, $9 to $10 higher than the prior week's weighted averages.
The feeder cattle contracts were also trading higher early, as traders were thankful to see the live cattle contracts trading higher, which was enough support this morning to justify turning the feeder cattle contracts higher. Adequate support did not continue to funnel into the feeder cattle complex from the live cattle market and faded to finish softly lower across the board.
Meanwhile, the lean hog complex traded lower as traders can't seem to find the support and stability they need. Yes, midday pork cutout values were higher, but traders could have used that support earlier in the week if it were going to amount to something sizeable and genuinely supportive.