Corn: July corn futures fell 2 cents on the session to $4.50 but firmed 7 cents on the week. Corn futures struggled to piggyback gains seen in the winter wheat markets, though still closed near this week’s highs.
Soybeans: July soybeans fell 2 1/2 cents to $11.77 1/4 but gained 11 1/2 cents on the week, marking the first weekly gain in six weeks. July soymeal closed $2.90 lower at $344.70 but picked up $1.50 from a week ago. July soyoil rose 11 points to 45.54 cents and gained 60 points on the week. Soybeans faced mild pressure in narrow trade to end the week as a second straight day of selling in soymeal futures cast a shadow over the complex.
Wheat: July SRW wheat futures rose 1 3/4 cents to $6.22 1/4 and nearer the session low. Prices hit a three-month high today and for the week, July SRW gained 55 1/2 cents. July HRW wheat futures rallied 13 3/4 cents to $6.54 1/4, nearer the session high and hit a four-month high today. For the week, July HRW rose 71 1/4 cents. July spring wheat futures rose 5 1/4 cents to $7.03 1/2 and gained 51 cents on the week. The wheat market bulls had a very good week this week, including technically bullish weekly high closes.
Cotton: July cotton fell 18 points to 80.90 cents and gave up 12 points on the week. Cotton futures ended the week in narrow, subdued trade as technical resistance continues to drive price action, while outside market pressure provided no favors.
Cattle: June live cattle futures rose 77 1/2 cents to $178.575, near mid-range and hit a nearly four-week high. For the week, June live cattle rose $2.90. May feeder cattle futures gained $2.45 to $248.70 and near the daily high. Prices hit a nearly four-week high today and for the week rose $6.70. Today’s and this week’s good gains that included technically bullish weekly high closes on Friday suggest follow-through technical buying interest early next week.
Hogs: Cash weakness undermined hog futures again Friday, with the most-active June contract tumbling $2.525 to $102.475. That represented a weekly drop of $2.35. As expected, the official CME lean hog index for Wednesday fell 21 cents to $91.43.