Corn: March corn futures surged 5 1/2 cents higher to $4.46 1/4 today, marking a weekly gain of 4 1/4 cents. Corn futures finished the week strong, surging higher today to mark out a modest gain for the week.
Soybeans: January soybeans rose 11 1/2 cents to $9.74 1/2 but lost 13 3/4 cents on the week. March soymeal rallied $10.40 to $294.50 and marked a $9.10 weekly gain. January soyoil slid 53 points to 39.48 cents and plunged 313 points on the week. Soybeans faced another day of corrective gains, with soymeal strength underpinning the complex as well as support from a weaker U.S. dollar.
Wheat: March SRW wheat futures closed unchanged at $5.33, nearer the daily high but hit a fresh contract low early on. For the week, March SRW lost 19 1/4 cents. March HRW wheat gained 1 1/2 cents to $5.44 3/4 and near mid-range. On the week, March HRW fell 12 1/4 cents. March spring wheat futures rose 3 1/2 cents to $5.90 1/4 but closed down 8 1/4 cents on the week.Risk aversion in the general marketplace up-ticked late this week, following a hawkish pivot from the Federal Reserve and as the U.S. government is on the verge of shutting down due to lack of a new spending bill.
Cotton: March cotton rose 15 points to 68.06 cents but was down 121 points on the week. Cotton futures succumbed to technical pressure early in the session, extending to a fresh contract low despite notable weakness in the U.S. dollar.
Cattle: February live cattle rose $1.85 to $188.40, near the daily high but prices on the week were down $3.625. January feeder cattle futures gained $1.125 to $255.60, nearer the daily high and for the week lost $2.05. Price action in the cattle futures markets next week will be influenced by this afternoon’s USDA’s monthly cattle-on-feed report, expected to show large feedlot (1,000-plus head) inventories down 0.3% from year-ago as of Dec. 1.
Hogs: Hog futures finished the week on a strong note, with the nearby February contract leading the way higher. It jumped $2.30 to end the week at $85.925. That represented a weekly rise of 32.5 cents. The cash hog and wholesale pork markets sustained their remarkable strength through Friday morning.