Grains Rise on Yield Concerns as Cattle Bounce Back
The commodity markets experienced a mixed day on Friday, with grain and livestock sectors showing different trends.
Grain markets finished mostly higher, led by corn. The September contract for corn gained 5 cents to $4.83¾, while December also rose 5 cents to $5.08¼. Corn prices received support from concerns over yield potential following this week's Pro Farmer Crop Tour.
Soybeans also ended on a positive note, with September beans gaining 4¼ cents to $12.25 and November adding 3 cents to $12.39¼. Soybean meal was about $2 higher due to demand support from the USDA's report of new-crop soybean sales to China and unknown destinations.
However, wheat markets were a weak spot, with September Chicago wheat slipping 1¼ cents to $6.81¼ and September Kansas City hard red wheat dropping 6 cents to $7.56¼.
In the livestock sector, cattle futures were mixed, with live cattle contracts recovering from sharp early-session losses. August live cattle finished 30 cents lower at $223.05, while October slipped 7½ cents to $217.92½. Deferred live cattle contracts turned higher, with gains reaching better than a dollar in the back months.
Lean hogs, on the other hand, finished higher across the board, with October gaining 65 cents to $80.87½ and December adding 77½ cents to $71.52½.