Corn: December corn futures climbed 4 3/4 cents to $4.03 1/4 and closed near session highs, though lost 6 3/4 cents on the week. Corn futures rebounded as volatility plagued the marketplace, ending the week near the July lows.
Soybeans: November soybeans rose 10 3/4 cents to $10.27 1/2 but lost 21 1/4 cents on the week. December soymeal rallied $8.40 to $324.60 but marked a 10-cent week-over-week loss. September soyoil fell 79 points to 41.68 cents and lost 133 points on the week. A second straight daily soybean sale to China and an assist from a plummeting U.S. dollar spurred some short-covering in the soy complex, while general strength across the grain complex lent additional support.
Wheat: December SRW wheat futures rose 5 1/2 cents to $5.62 1/4, nearer the session high and on the week up 3 3/4 cents. December HRW wheat gained 5 1/2 cents to $5.76 1/4, near the session high and for the week up 14 1/4 cents. September spring wheat futures rose 6 1/2 cents to $5.95 and gained 6 1/2 cents on the week. Today’s technically bullish weekly high closes in December SRW and HRW futures suggests some follow-through buying is possible early next week.
Cotton: December cotton rose 17 points to 68.25 cents and gained 26 points on the week. Cotton futures managed to trade remarkably well given a second straight day of notable selling across equities and crude oil futures, with heavy weakness in the U.S. dollar, which pushed to a four-and-a-half month low early on, certainly supporting the natural fiber.
Cattle: October live cattle closed down $1.65 at $182.075, near mid-range and hitting a six-week low early on. For the week, October live cattle lost $6.575. October feeder cattle futures lost $4.30 to $246.575, near mid-range and hit a 7.5-month low today. For the week, October feeders fell $11.725. The late-week meltdown in the cattle futures markets that included technically bearish weekly low closes today can be attributed to chart-based selling and at least partly to downbeat U.S. economic data that included a weakening manufacturing report on Thursday and Friday’s jobs report showing slower-than-expected growth in non-farm payrolls and an uptick in unemployment in July.
Hogs: Anticipation of a seasonal downturn weighed on hog futures Friday despite cash and wholesale strength. Nearby August futures fell 95 cents to $92.20, while most-active October skid 45 cents to $76.575. That latter represented a weekly drop of $1.625. The hog and pork industry is anticipating the looming onset of the traditional late summer-fall breakdown in prices across the complex.