Corn futures were firm early but succumbed to midday selling, so soybean and soy oil futures took the bullish lead Friday. World veg oil markets surged to big gains with June palm oil futures gapping higher and closing up for the fourth consecutive day. July canola futures scored a new contract high. Overall, it seemed like traders stepped back from corn and wheat as they wait on updated weather forecasts over the weekend. Dryness concerns are growing in the Midwest US especially and a cold weather snap could affect winter wheat into next week.
Friday was another painful day in the livestock sector as the live cattle, feeder cattle and lean hog contracts all traded lower into the afternoon. There could be some more cash cattle trade develop before the week’s end, but thus far packers are oddly quiet. Lean hogs so more sell off amid expanded trading limits from Thursday’s limit down moves. Traders are cautious and leery heading into next week.
Farm and Ranch Director Jesse Allen has the full closing report: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=1406
