Heavy Producer Selling Push Corn Futures Lower

Livestock futures were mixed in a quiet session. The cattle market has been under pressure this week after prices in the cash trade for slaughter-ready cattle fell from a week earlier.

October Live cattle fell 25 to $105, December gained 37 to $109.  Later-month contracts rose.  September feeders gained 15 to $142.

Hog futures inched higher for a third consecutive day of gains on Friday. Futures have stabilized after falling to a sharp discount to the CME lean hog index,
October lean hogs rose 50 to 61.45, December gained 2 to 58.05.

Grain and soybean futures were mixed after rallying earlier this week.

Heavy producer selling pressured corn prices, September Corn slid on Friday after bouncing almost 4% a day earlier. The contract fell 2 ¼  to $3.40

September soybean futures rose 5 ¾  to $9.42.  Crop yield estimates released by private forecaster Informa Economics had limited impact on prices.

September Chicago wheat climbed 10 ¼ to $4.20, and September KC wheat gained 3 ¾ to $4.12.

Cotton futures continue to rise as more of the southern US cotton crop is lost to the after affects of Hurricane Harvey.  October cotton gained 107 to 72.55, and December new crop gained 95 to 71.88.

Oil futures reversed losses on Friday as some refineries detailed plans to restart operations in the coming days, relieving some of the pressure on crude.

October crude settled up 6 cents at $47.29 a barrel, October gasoline fell 3 cents to $1.74 a gallon, Diesel futures rose 1 cent to $1.75 a gallon.

Natural-gas futures rose Friday, boosted by disruptions to production in the Gulf Coast and signs that a supply glut has eased to near normal levels.

October nat gas rose 3 cents to $3.07.

Wall Street gained modestly on Friday as a tepid U.S. jobs report kept expectations muted for another interest rate hike this year, while investors kicked off a typically dour month for stocks on a positive note.  The Dow gained 39 to finish the week at 21,987, the Nasdaq closed at 6,435, up 6 and the S&P 500 gained 5 to close at 2,476.

A native of the Texas Panhandle, Rhonda was born and raised on a cotton farm where she saw cotton farming evolve from ditch irrigation to center pivot irrigation and harvest trailers to modules. After graduating from Texas Tech University, she got her start in radio with KGNC News Talk 710 in Amarillo, Texas.