Welcome to Markets Desk, your Friday close rundown on the commodities complex.
Soybeans took a hard hit into the weekend after the USDA raised its production estimates, pulling November contracts down thirteen and a quarter cents on the week. The cmdtyView national cash price dropped thirty-six cents to twelve dollars and thirty-eight and a half cents, with soymeal and soyoil both following lower as traders shed risk ahead of the two-day break.
Wheat was no different, with all three markets under pressure following the USDA's decision to hike global wheat stocks. Chicago soft red winter contracts lost as much as sixteen and a quarter cents on the session, with December slipping six and a half cents for the week. Kansas City hard red winter saw similar damage, down as much as twenty and a quarter cents on the day.
Cotton also closed in the red despite a USDA production cut that might have been expected to offer some support. Front-month contracts led the selling, with December down twenty-seven points on the week. Crude oil added to the headwinds, retreating two dollars and forty-nine cents per barrel, reinforcing the broader risk-off tone that defined Friday's session across the ag complex.
That's the tape. Markets Desk, signing off the floor.
