Market Update: Grain and Livestock Prices as of Friday

As trading concluded on Friday, July corn futures saw a decline, ending down by 3¼ cents at $4.69 per bushel. In contrast, July soybeans experienced a notable increase of 7¾ cents, closing at $10.58 per bushel. This fluctuation highlights the ongoing volatility in agricultural markets.

Karl Setzer, a partner with Consus Ag Consulting, remarked, “Technical trading was the primary driver of Friday’s trade. Spread trading played a crucial role for both corn and soybeans, while wheat found support from short covering after recording three consecutive lower closes earlier in the week.”

Wheat Market Performance

The wheat markets also saw upward movement. The Chicago Board of Trade (CBOT) wheat rose by 12 cents to settle at $5.43 per bushel. Kansas City (KC) wheat advanced by 13¾ cents, closing at $5.41¼ per bushel. Minneapolis wheat surged by 15½ cents, reaching $6.11 per bushel.

Livestock Pricing Updates

In the livestock sector, prices were generally positive. June live cattle increased by $1.45, reaching $211.10 per hundredweight (cwt). August feeder cattle saw a rise of $2.45, closing at $296.90 per cwt. June lean hogs also enjoyed a boost, growing by $1.17 to settle at $99.35 per cwt.

Other Market Indicators

Just before 3:00 p.m. CT, crude oil prices were observed at a decline, down by 78 cents at $58.46 per barrel. Meanwhile, financial markets indicated a positive trend, with June S&P 500 futures rising by 77 points and June Dow futures increasing by 528 points. The June U.S. Dollar Index, however, dropped by 264 points, suggesting mixed signals across different sectors.

Morning Market Snapshot

Just after 9:00 a.m. CT on Friday, July corn futures were trading higher, gaining 3¼ cents to reach $4.75½ per bushel. July soybeans also opened positively, up by 4½ cents at $10.54¾ per bushel. Senior risk manager Jamey Kohake from Pinion noted, “Exports were solid with corn on Thursday. We’re looking to see if new orders increase based on Thursday’s highs.”

Kohake added, “The weather forecast is raising concerns about potential dryness in western Mississippi, which might prompt the market to consider short-term premium adjustments.”

In the wheat markets during the morning session, prices continued to climb, with CBOT wheat rising by 14¼ cents to hit $5.45¼ per bushel. KC wheat increased by the same margin, while Minneapolis wheat saw a boost of 12½ cents, reaching $6.08 per bushel.

On the livestock front, June live cattle opened lower, down 20 cents at $209.45 per cwt. In contrast, August feeder cattle increased by 62 cents, reaching $295.07 per cwt, while June lean hogs fell by 15 cents, closing at $98.02 per cwt.

In summary, the agricultural market remains dynamic, with significant changes in crop and livestock prices that traders are closely monitoring. The interplay between technical trading and weather factors will continue to influence market trends in the coming days.

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