Grain Market Ends Lower as Soybeans Take Big Hit
The grain market closed lower on Friday, with soybeans taking the biggest hit. December corn prices ended about 3 cents lower due to harvest activity and a stronger US dollar. Early US harvest progress is ahead of the five-year average, but wet weather in parts of the Upper Midwest has caused localized delays.
Soybean futures were under significant pressure, with November prices down around 12 cents during the session. Soybean meal fell by about $14 a ton after being one of the strongest components earlier in the week. The soybean market was pressured by profit-taking and expectations for another large Brazilian crop, despite a fresh sale of 111,000 metric tons to China.
The wheat market also finished lower, with Chicago and Kansas City contracts down around 5-10 cents. Cattle futures attempted to rebound early in the day but failed to hold their gains. Live cattle opened more than $1 higher before turning lower, with December futures down about 50 cents by the end of the session.
Feeder cattle followed a similar pattern, opening higher before October feeders fell around $1.50-$2. The market is still dealing with heavy liquidation following this week's sharp reversal and is watching the planned reopening of the Santa Teresa crossing to Mexican cattle next week.