By: NATHAN STUEDLE
GRAINS:
July corn closed up 1 cent and December corn was up 3/4 cent. July soybeans closed down 1 1/2 cents and November soybeans were down 2 cents. July KC wheat closed down 1/4 cents, July Chicago wheat was down 2 1/4 cents, July Minneapolis wheat was down 1 1/4 cents.
Row-crop futures were steady for the most part on Friday but were again pressured off early highs partly due to bearish energy influence as a U.S.-Iran agreement is reportedly on the horizon. Though all the details of the potential deal are not known, a senior Trump administration official said it includes an end to Iran's nuclear program, opening of the Strait of Hormuz, among other aspects. Reports from the Iranian state media detailing the agreement were contradictory and condemned by President Trump on Friday. Thursday's USDA report was mostly neutral in month-to-month changes but does serve as a reminder of what are currently comfortable grain supplies around the globe, which may limit bullish potential for futures in combination with seasonal price pressure, which as always will be highly weather dependent as we move into summer of 2026.
LIVESTOCK:
Once again, the live cattle complex market's resistance at its 40-day moving average becomes too much for traders to bear, which is mainly why the complex was trading lower into Friday's closing bell. But it also isn't helpful that the market has yet to see any cash cattle trade develop. At this point, even if the fed cash cattle market is able to trade cattle higher, it won't likely have much of a positive effect on the complex ahead of the close. A few bids are currently being offered in the cash cattle market (in both regions) but at this point feedlot managers are passing on them. Live asking prices are noted at $260 in Nebraska.
Like the live cattle complex, the feeder cattle contracts were trading lower into Friday's close as the market isn't seeing the technical or fundamental support it needs right now to push the contracts any higher. Aside from the lack of technical support from the live cattle contracts, the feeder cattle contracts are currently under pressure from the market's resistance at its 40-day moving average.
The lean hog complex has thankfully found some technical support which is helping it trade higher into Friday's end. Luckily the market has been able to chop merely sideways in recent trading days; which leads one to believe some sort of a technical bottom is forming for this current move. Plus, it's also helpful that pork cutouts are more than $3.00 higher on Friday's midday report.