Corn: March corn fell 1 cent to $6.78 1/2 after reaching a high of $6.85, the highest intraday price since Nov. 7, but is up 12 1/4 cents on the week. Corn turned mildly higher from spillover strength in the wheat and soy complex, with crude oil offering additional support as the nearby contract nears $80.00 per barrel.
Soybeans: March soybean futures rose 7 3/4 cents to $15.24 and hit a six-month high. For the week, March beans rose 39 1/2 cents. March meal futures gained $12.50 to $4.71, hitting a contract high and for the week rising $19.70. March bean oil fell 229 points to 64.07 cents and closed at a technically bearish weekly low close. For the week, March bean oil lost 58 points. The technically bullish weekly high closes in March soybeans and meal futures sets the table for follow-through chart-based buying next Tuesday.
Wheat: March SRW futures surged 18 cents to $7.92 Friday; that represented a weekly gain of 16 cents. March HRW futures climbed 21 1/2 cents to end the week at $8.88, which marked a weekly rise of 13 1/4 cents. March spring wheat jumped 24 3/4 cents to $9.38 3/4, a 7 cent rise from last Friday. This week’s grain and soy complex gains seemingly bode well for next week’s trading.
Cotton: March cotton rose 76 points to 83.40 cents, after trading as high as 84.64 and is down 181 points on the week. Cotton futures turned higher after facing mild losses and touching a two-week low in the previous session on weakening demand prospects as Covid infections in China soar.
Cattle: February live cattle dipped 95 cents to $157.90, with the closing quote representing a gain of just 15 cents since last Friday, with January feeders slipping 10 cents to $183.50; a weekly decline of 50 cents. Cash cattle prices have essentially risen about $2.00 this week, with the Monday-Thursday average for the five-area direct markets reaching $158.06, up $2.16 from the week-prior figure
Hogs: February lean hog futures fell 97 1/2 cents to $87.70, near mid-range but at a technically bearish weekly low close. For the week, February hogs lost 12 1/2 cents. The lean hog futures bulls started out this holiday-shortened week with a bang by scoring strong price gains Tuesday, but then saw selling pressure each of the final three days of the trading week.