Markets will end mixed on Friday. Corn and soybeans were higher in the grain complex. Both Chicago and Kansas City wheat futures closed in the red. For livestock live and feeder cattle closed in the green. Lean hogs were mostly lower.
Sue Martin, Ag and Investment joins the Fontanelle Final Bell on Friday. Martin discusses the reasons why wheat lost it’s steam from midweek gains. Martin includes the fact that US wheat is at a price disadvantage from other global producers. As for corn and soybeans there are several technical signals that are starting to move into place that could give support a bullish weather move. Martin relays though that her forecasting services are reporting decent chances for moisture after the current heat streak.
Martin rounds the conversation out in the livestock market. Cattle are also susceptible to heat stress, but the North may be on current enough supplies that cattle will weather the heat in good condition. Martin also highlights that cattle marketing is reflecting an older practice where cash was discounted to the futures rather than premium.