Corn: July corn ended unchanged at $8.13 1/2 after reaching a contract high at $8.24 1/2. The contract rose 24 1/2 cents for the week. December corn fell 1/2 cent to $7.51 1/4, after posting a contract high at $7.57. Corn futures ended mixed as late profit-taking erased early gains. Midwest weather and exports will be closely watched next week, as slow U.S. corn planting becomes increasingly concerning.
Soybeans: July soybeans ended unchanged at $16.84 3/4, down 3 1/4 cents for the week. July soymeal rose $2.20 to $432.30. July soyoil plunged 242 points to 84.18 cents, after posting a contract high at 87.65 cents. Soybean futures faded from an initial climb to one-week highs as profit-taking sent prices to a mixed close. Unwinding of recent long soyoil/short meal spreads weighed on soyoil.
Wheat: July SRW wheat fell 30 cents to $10.55 3/4, a three-week closing low and down 21 3/4 cents for the week. July HRW wheat fell 35 1/2 cents to $11.05 3/4, down 48 1/2 cents for the week. July spring wheat fell 25 1/2 cents to $11.66. Bearish technicals and sagging export demand weighed on winter wheat futures.
Cotton: July cotton fell 205 points to 145.63 cents per pound, still up 978 points for the week. Cotton futures followed crude oil and U.S. equities lower. Weather and planting progress will be closely watched next week.
Cattle: June live cattle dropped $1.25 to $132.65, a seven-week low close and a weekly loss of $5.775. May feeder futures fell $1.60 to $156.35, down $7.525 for the week. Live cattle extended sharp losses triggered by USDA’s bearish Cattle on Feed report, with chart breakdowns fueling technical selling. Slumping wholesale beef prices bolstered concern over demand. Choice cutout values fell $1.82 today to $260.78, down $7.13 for the week and the lowest daily average since March 22. Movement continued to be relatively strong at 127 loads. Cash cattle averaged $143.31 this week through this morning, up 29 cents from last week’s average.
Hogs: June lean hog futures tumbled $4.60 to $106.375, a three-month closing low and a $12.40 plunge for the week. Hog futures extended a technically-driven selloff, while demand concerns and eroding cash fundamentals added further pressure. Pork cutout values rose 9 cents today to $104.58 but still dropped sharply from $111.28 at the end of last week. Today’s movement was about 286 loads.