Grains ended mostly higher on Friday positioning ahead of the holiday with July beans making a new contract high and scoring the highest weekly close on record on continued strong demand. Markets are still watching weather and planting progress, plus world events. Livestock futures ended mostly lower in the nearby contracts, although posting higher weekly closes. Michelle Rook talks to Alan Brugler of Brugler Marketing for analysis.
Grains Higher Livestock Leaning Lower Entering the Holiday
Grains ended mostly higher on Friday positioning ahead of the holiday.
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Kyle Bumsted of Allendale says corn was taking a breather after 20 cent report gains on Wednesday. Cattle and hogs were down hard.
Dave Chatterton of Strategic Farm Marketing says USDA provided some positive data for the corn market in the WASDE and could be headed for $5.
USDA’s August report cut corn yields by 2.3 bushels per acre while strong export demand tightened ending stocks, avoiding the bearish surprise traders feared from last year.
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