Big Gains to End the Week
Corn: December corn futures rose 16 1/2 cents to $6.85, up 19 1/4 cents for the week and the contract’s highest closing price since June 22. December corn rose a third straight week ahead of Monday’s USDA Crop Production Report, which is expected to reflect a reduced harvest outlook from extreme Midwest heat and dryness. USDA is expected to lower its estimate for the U.S. corn crop to 14.088 billion bu., down 271 million bu. from its August forecast, based on a Reuters survey of analysts.
Soybeans: November soybeans rose 26 1/4 cents to $14.12 1/4, down 8 1/4 cents for the week. October soymeal rose $5.70 to $414.80. October soyoil rose 164 points to 66.68 cents. November soybeans extended Thursday’s late rebound on technical buying but still fell a second straight weekly decline ahead of USDA’s reports Monday. USDA is expected to lower its estimate for the U.S. soybean crop to 4.496 billion bu. from 4.531 billion bu. in August, based on the Reuters survey.
Wheat: December SRW wheat rose 40 1/2 cents to $8.69 1/2, up 58 1/2 cents for the week and the contract’s highest closing price since July 11. December HRW wheat gained 36 1/4 cents to $9.29 1/4. December spring wheat surged 29 1/4 cents to $9.27 1/2. SRW futures rose a third straight week as India’s restrictions on rice exports fueled renewed concern over global supplies.
Cattle: October live cattle rose $1.30 to $145.675, up $1.125 for the week and the contract’s highest close since Aug. 17. October feeder cattle gained $1.175 to $185.575, up 62.5 cents for the week. Expectations for tight supplies of market-ready animals in coming months continued to support live cattle, overshadowing continued cash softness. USDA-reported live steers averaged $142.17 this week through this morning, down $2.62 from last week's average.
Hogs: October lean hogs rose $1.05 to $93.175, up $3.15 for the week and the highest closing price since Aug. 30. Hog futures extended Thursday’s rebound from two-month lows. While cash hog prices extended a late-summer slide, wholesale pork values firmed this week. Pork cutout values rose 43 cents to $102.87, up 62 cents for the week. Movement was strong at 328 loads. The next CME lean hog index is expected to fall 69 cents to $99.57, a four-month low.