Afternoon MarketWatch: Grains gain as dollar drop.

Friday, October 30, 2015
***** Corn futures close higher by 1 1/2 to 2 1/4 cents; soybean gain a nickel; Chicago wheat rises 5 to 7.  ***** 

   # Grains were higher all around on Friday with corn finishing with gains of 2 1/2 cents on the week. Corn prices inched higher behind Chicago wheat futures, which jumped 30 cents over the five sessions.  Soybeans were down 11 3/4 on the week.   
   # A softer dollar helped out the grains on Friday.  The currencies of our major competitors like Brazil, Argentina, and Russia have shown signs of bottoming against the dollar.  A shift toward more favorable currency terms is needed to spark U.S. export activity.     
   # Chinese importers have brought in more than 60 million metric tons of soybeans so far this year, up more than 10 percent over last year’s pace.  Imports are expected to total 22 million tons in the fourth quarter.    
   # Chicago wheat futures made a bullish technical move at the end of the week.  The December contract settled firmly above its 100-day moving average.  Next up is a test of overhead resistance from the October 7th high of $5.31 1/2.   
   # The pace of harvest slowed this week as the Midwest finally received rain.  Showers are expected to return tonight and extend into the weekend.  The Plains states will likely stay dry until mid-next week.  
   # Dry conditions have given way to frost and freeze in Australia, leading analysts to downgrade wheat production forecasts considerably.                   
   # A stronger energy market lent support to the commodity space on Friday.  U.S. crude prices were able to finish the week with gains despite the Wednesday stocks report showing stocks building by 3.4 million barrels. 
   # A yen rally contributed most of the pressure on the dollar.  Stocks fell moderately but managed to finish October with the best monthly gains in four years.          

***** Live cattle futures settle $0.65 lower to $0.60 higher; live cattle finish $0.87 to $1.10 softer as feeders give up $1.17 to $1.90. ***** 

   # Cattle futures fell lower as enthusiasm from early-week cash market optimism faded.  Cash trades did not materialize beyond the light action that had taken place on Tuesday when live sales made $138.  Boxed beef prices were mixed on Friday with choice falling 89 cents and select gaining 52 cents.   
   # December hog futures have closed lower in 7 of the last eight sessions.  Spreading on Friday had pressured the nearby contracts and lifted the April through Junes.  The pork cutout dropped $2.64 to end the weak on a negative note.