Corn futures declined Friday. The corn market has recently rallied in concert with beans, but Thursday’s weak export data seemingly undercut yellow grain prices. Fine harvest weather and a massive crop are also obstacles for bulls. Monday’s looming USDA Crop Production and WASDE reports probably spurred long-liquidation as well. December corn futures slumped 3.75 cents to $3.675/bushel Friday, while May lost 3.25 to $3.885.
The soy complex posted a big late-week comeback. Spot bean and meal quotes reportedly remained firm Friday, with talk of underlying demand strength again quite prominent. Long-liquidation apparently depressed prices in early trading, but beans staged an impressive comeback before the close. January soybean futures bounced 8.75 cents to $10.3675/bushel in late Friday action, while December soyoil sagged 0.13 cents to 32.40 cents/pound, and December meal skidded $1.3 to $390.4/ton.
The wheat markets suffered from poor export prospects. Late wheat export news has consistently disappointed the domestic industry, due in part to the early-autumn rally. That apparently rendered U.S. grain too expensive for many international customers. Having the U.S. dollar rally to a four-year high hasn’t helped, so futures prices remained under consistent pressure this week. December CBOT wheat closed 5.75 cents lower at $5.145/bushel Friday, while December KC wheat dove 9.75 cents to $5.6925/bushel, and December MWE wheat dropped 7.75 to $5.4675.
Cattle futures closed strongly despite cash weakness. Nebraska fed cattle traded at $168.00/cwt (cents/pound) Thursday evening, but suffered a general slide to $167.00 today. Nevertheless, nearby futures ended the pit session strongly and rose farther in electronic trading. That suggests a late cash rebound. December live cattle futures leapt 1.45 cents to 166.80 cents/pound at Friday’s CME settlement, while April futures jumped 1.30 to 167.15. Meanwhile, January feeder cattle futures soared 1.87 cents to 232.45 cents/pound, and March feeders surged climbed 1.35 to 229.65.
Talk of a November bounce supported hog futures Friday. Hog supplies are likely to surge through late 2014. But while the spot markets proved surprisingly weak at noon today, those quotes didn’t discourage CME hog bulls. Futures posted sizeable gains in apparent anticipation of a short-term bounce. December hog futures closed up 1.12 cents to 88.77 Friday afternoon, while April hogs vaulted 1.20 to 90.10.