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US Agriculture After the Closing Bell Report

LTNs Closing Grain and Livestock Comments, Grains Post Solid Rally to Finish the Week

Led by global oilseed markets, grains in general were able to post a solid rally Friday. Soybean and Soybean Oil led early with additional support tied to Bullish outside markets.

The Cattle complex closed on a mixed basis with live Cattle sharply higher and futures contracts mixed. On the other hand, lean Hogs settled mostly lower with deferreds generally losing ground to nearbys.
Wheat futures managed modest corrective gains Friday, but finished the week sharply lower than last Friday’s closing mark. With weekly crop conditions ratings no longer being issued, focus is now on demand. With USDA lowering its Wheat export projection, market Bulls may struggle to get back momentum.

Corn futures strengthened into the close on help from sharp gains in the Soybean market and weakness in the USD index. Futures posted losses for the week and remained in the lower portion of the consolidation range. Key for building on Friday’s gains early next week will be if Soybean futures extend gains.

Soybean futures posted gains of 11.75 to 19.5 cents through the Aug contract. Farther deferred futures finished mostly 7 to 8 cents higher. With Friday’s gains, old-crop contracts ended solidly higher on the week. Strong demand suggests Soybean futures will continue their rebound from the Nov low next week, especially if China continues to actively buy US Soybeans.

Dec lean Hog futures expired 12.5 cents lower at 82.00. Losses in the other contracts ranged from 17.5 cents to 1.00. On the week, lean Hog futures posted strong gains as the market rebounded from recent, sharp losses. After trading steady to firmer Friday and given profitable packer margins, the cash Hog market is expected to be firmer again early next week.

Live Cattle futures were supported into the close by news cash Cattle trade was picking up at prices 1.00 higher than last week after sales started yesterday at levels steady to 50-cents higher than last week. February live Cattle ended the week 2.20 higher than last week’s close to bump up against the top of the choppy trading range.