July Minneapolis wheat closed up 10 3/4 cents Friday, the only double-digit gain in the grain sector at the end of a week that saw large gains all around. July corn ended up a penny and July soybeans were up 1 3/4 cents, supported by strong cash bids throughout the country. A late-session rally saw the July row-crop contracts reach positive territory, although this move was met with resistance. Cash prices above $6/bu for corn and $15/bu for soybeans this week speak volumes about the tight old-crop balance sheets, while weather remains a concern for both North and South America. Spring wheat was the leader in Friday’s move higher with focus on dry conditions in the Northern Plains, although weekly gains for spring wheat continue to trail gains achieved in both SRW and HRW.
Traders were worried about the corn market’s negative effects on the livestock contracts, but as Friday’s corn market has settled, the livestock market is being modestly supported once again. Cash cattle has been extremely quiet thus far in Friday’s trade, and it’s looking like the week’s business is essentially over. Lean hogs are solidly higher on good product demand today and a continually firming cash market.
Farm Broadcaster Jessica Benson has our closing market update: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=1406