Grain, Soybean Futures Close Higher Ahead of Long Weekend
Corn: December corn futures rose 7 3/4 cents to $6.65 3/4, up 1 1/2 cents for the week. Corn futures ended the week on a firmer note on corrective buying following three consecutive down days. Traders await USDA’s weekly crop condition update on Tuesday, delayed a day by the Labor Day holiday Monday.
Soybeans: November soybeans rose 25 3/4 cents to $14.20 1/2, still down 40 3/4 cents for the week. October soymeal rose $1.40 to $424.00 and October soyoil rose 267 points to 67.94 cents. Soybeans rose sharply on corrective buying following four consecutive lower closes, but still posted a weekly decline for the second time in the past three weeks.
Wheat: December SRW wheat rose 16 3/4 cents to $8.11, up 53/4 cents for the week. December HRW futures gained 9 3/4 cents to $8.77 3/4, down 4 1/2 cents for the week. December spring wheat futures rose 3 1/2 cents to $8.90. Wheat markets next week may extend recent sideways price action, with traders looking to the corn, soybean and oil markets for direction.
Cattle: October live cattle futures rose $1.75 to $144.55, up $1.50 for the week. October feeder cattle rose 60 cents to $184.95, up $1.55 for the week. Technically bullish weekly high closes in October live contracts may fuel followthrough buying early next week. However, deteriorating cash market fundamentals likely will limit price upside.
Hogs: October lean hogs fell $1.925 to $90.075, down 57.5 cents for the week. Hog futures fell on pressure from slumping cash fundamentals and expectations for slower demand as the U.S. summer grilling season ends. The CME lean hog index fell $1.36 to $106.26 (as of Aug. 31), near a three-month low.