Corn: March corn futures rose 5 3/4 cents to $6.66 1/4, the contract’s highest close since $6.67 on Nov. 30 and a gain of 13 1/4 cents for the week. Corn extended this week’s climb behind fresh export business, strength in crude oil and short-covering ahead of the three-day Christmas holiday weekend.
Soybeans: March soybeans rose 12 1/2 cents to $14.84 1/4, a gain of 3/4 cent for the week. March soymeal rose $3 to $451.30. March soyoil rose 64 points to 64.65 cents. Soybeans rose behind fresh export business and gains in crude oil. Early today, USDA reported a daily sale of 124,000 MT of soybeans for delivery to “unknown destinations” during the 2022-23 marketing year.
Wheat: March SRW wheat rose 13 3/4 cents to $7.76, the contract’s highest close since Dec. 1 and a gain of 22 1/2 cents for the week. March HRW wheat gained 8 3/4 cents to $8.74 3/4, up 30 3/4 cents for the week. March spring wheat rose 9 1/2 cents to $9.31 3/4. Winter wheat posted strong weekly gains amid strengthening technicals and concerns extreme cold in the U.S. Plains may damage crops.
Cotton: March cotton rose 91 points to 85.21 cents, up 329 points for the week. Prices rose as strength in U.S. equities and crude oil helped encourage corrective buying following Thursday’s sharp losses.
Cattle: February live cattle rose 45 cents to $157.75, up $1.975 for the week and a lifetime-high close for the contract. March feeder cattle rose 30 cents to $186.75. Live cattle rose behind strength in wholesale beef and expectations a longer-term outlook for tight supplies will keep cash prices firm. USDA-reported live steers averaged $155.90 this week through this morning, up 21 cents from last week’s average.
Hogs: February lean hog futures tumbled $1.225 to $87.825 but still gained $2.05 for the week. Hog futures took pressure from continued cash market weakness but still posed a firm weekly gain, helped by a rebound in wholesale pork. Pork cutout values rose $3.30 to a five-week high of $92.06, driven by a jump of over $15 in bellies. But movement was light at 208 loads.