Corn: December corn futures climbed a nickel to $4.01 and closed nearer session highs. That marked a 10 cent gain on the week. Corn futures ended the month on a high note after facing heightened volatility throughout the week. December futures closed out the week near this week’s high, surging the past two sessions.
Soybeans: November soybean futures rose 7 1/2 cents to $10.00, nearer the daily high and hit a three-week high. For the week, November soybeans rose 27 cents. December soybean meal gained $2.10 to $313.00, near mid-range and hit a three-week high. On the week, December meal rose $8.50. December soybean oil futures fell 12 points to 42.01 cents, near mid-range and hit a five-week high early on today. For the week, December bean oil rose 163 points. Today’s technically bullish weekly high closes in November beans and December meal futures set the stage for follow-through chart-based buying interest when trading resumes next Tuesday.
Wheat: December SRW futures rose 2 3/4 cents to $5.51 1/2, gaining 23 1/2 cents on the week. December HRW futures closed 4 3/4 cents higher at $5.65 1/4, a 30 1/4 cent gain on the week. Wheat futures ended the week on a strong note, following corn futures higher and rising for the fourth consecutive session.
Cotton: December cotton futures rose 7 points to 69.99 cents and near mid-range. For the week, December cotton lost 92 points. After showing some good price strength last week, the cotton futures market this week returned to its sideways-and-choppy mode, to suggest more of the same next week.
Cattle: Cattle and feeder futures bounced despite cash market weakness. August live cattle went off the board at $185.85, up 97.5 cents, at noon today. October live cattle rose 70 cents to $178.60, thereby marking a weekly rise of $2.90. October feeder futures advanced $1.075 to $237.75, which represented a weekly gain of $3.375. Cash cattle prices fell for the sixth straight week, with the four-day average for the five-market area dipping to $183.74 from last week’s average of $185.54.
Hogs: Despite continued cash weakness, hog futures rose again Friday. Nearby October gained edged up 5 cents to $82.225. Today’s settlement price represented a weekly advance of $1.675. Seasonal pressure on cash hog prices continues, which is entirely understandable due to the usual late summer-fall surge in hog supplies.