Corn: December corn futures saw continued selling pressure, settling 4 1/2 cents lower to $3.92 1/2, marking a 2 1/2 cent loss on the week. December corn futures sunk to a fresh contract low as prices continue to trend lower on the daily bar chart.
Soybeans: November soybeans fell 11 1/2 cents to $9.57 and lost 45 1/2 cents on the week. December soymeal fell $5.60 to $302.10, down $8.30 week-over-week. September soyoil rose 29 points to 39.18 cents but faded 247 points on the week. Soybeans ended the week by marking a fresh contract low amid broad-based selling across commodities.
Wheat: December SRW wheat futures rose 2 1/4 cents to $5.52 1/2 and nearer the daily high. For the week December SRW fell 13 1/4 cents. December HRW wheat futures gained 2 1/4 cents at $5.55 and nearer the session high after hitting a contract low early on. For the week, December HRW lost 15 1/2 cents. December spring wheat futures rose 7 cents to $6.09 and rose 1/2 cent on the week. The winter wheat futures markets today saw some more tepid short covering, with gains limited by losses in the corn and soybean futures markets.
Cotton: December cotton rose 9 points to 67.24 cents but lost 110 points on the week. Cotton futures extended to a fresh low overnight but gathered enough steam from additional strength in equities along with a fading U.S. dollar to move up from the intraday low.
Cattle: October live cattle futures fell $2.45 to $178.30 and nearer the session low. For the week, October cattle lost $2.85. October feeder cattle futures dropped $4.95 to $235.95, nearer the session low and hit a contract low today. On the week, October feeders lost $3.825. Today’s technically bearish weekly low closes in October live and feeder cattle futures set the stage for follow-through price pressure from chart-based speculators early next week.
Hogs: Pork weakness undercut hog futures Friday, with the October contract falling $1.425 to $75.075. That represented a weekly rise of $1.10. Anticipation of seasonal pressure on hog and pork prices apparently weighed heavily upon hog futures again Friday, with the size of the losses likely reflecting Thursday afternoon and Friday morning wholesale losses.