DTN Morning Snapshot

DTN Morning Snapshot

Corn: December corn futures popped 10 1/4 cents to close the week at $4.20 1/4, driven primarily by short-covering and profit-taking into month end as well as the delivery window for September corn futures.

Soybeans: November soybeans once again bounced off support just above $10.40 to close at $10.54 1/2, up 6 1/2 cents and up over 12 cents from the daily low as positive influence from the corn market helped.

Wheat: December KC wheat futures rose 4 cents on Friday to $5.19 3/4. Wheat futures shook off a sluggish start to trade higher, also benefiting from month end short covering to put some space between current prices and this week’s contract lows.

Cotton: December cotton futures fell on Friday by 0.76 c/lb to 66.54 c/lb, snapping a 3-day winning streak and falling back toward a level in the mid-60s which has been supportive to prices when tested.

Live Cattle: October live cattle closed up $2.7250 on Friday to $239.650, recovering from early losses to reclaim Thursday’s losses as well as strong retail beef demand and expected strong cash trade ahead of the weekend supported futures.