Soybeans Post Gain; Wheat Lower
Corn: December corn rose 1/4 cent to $6.67 3/4, the contract’s highest close since Nov. 7 and a gain of 9 3/4 cents for the week. Corn posted a weekly gain as the market’s strength Thursday despite the extension of the Ukraine export deal encouraged buyers.
Soybeans: January soybeans rose 11 1/4 cents to $14.28 1/4, still down 28 3/4 cents for the week. December soymeal rose $4.70 to $410.40, up $3 on the week. December soyoil rose 61 points to 72.74 cents. Soybeans ended higher behind strength in soymeal and soyoil and from corrective buying following Thursday’s declines.
Wheat: December SRW wheat futures fell 3 1/2 cents to $8.03 1/4, down 10 1/2 cents for the week. December HRW wheat dropped 3 3/4 cents to $9.34 1/4, down 9 1/4 cents for the week. December spring wheat fell 2 1/4 cents to $9.51 1/2. Wheat remained under pressure as the extension of the Ukraine export deal eased concern over tight global grain supplies.
Cattle: December live cattle rose 32.5 cents to $153.075, up $1.55 for the week. January feeder cattle rose 80 cents to $180.775, up $1.20 for the week. Live cattle may extend gains Monday after USDA’s Cattle on Feed today showed feedlot placements in October fell 6.1% from the same month a year ago, larger than the 3.5% decline analysts expected.
Hogs: December lean hog futures fell 75 cents to $84.225, down 12.5 cents for the week and the lowest close since Nov. 4. Soft cash fundamentals continued to weigh on hog futures, as the CME Lean Hog Index fell 8 cents to a nine-month low of $88.14. Monday’s quote is expected to drop another 37 cents.