Corn: March corn futures dropped 2 1/2 cents before settling at $4.85 1/2, marking a 3/4 cent gain on the week. Corn futures failed to hold onto overnight gains as prices turned lower today, despite ending stocks coming in tighter than expected in this morning’s WASDE.
Soybeans: January soybeans fell 7 3/4 cents to $13.04 and gave up 21 cents on the week, while January meal fell $2.10 to $404.70, an $8.00 loss week-over-week. January soyoil fell 93 points and lost 125 points from a week-ago. Soybeans marked follow-through corrective strength early in the session, with export demand bolstering gains, though USDA’s December crop data ultimately cast a shadow over the complex.
Wheat: March SRW wheat futures fell 10 1/2 cents to $6.31 3/4 and nearer the session low. For the week, March SRW gained 29 cents. March HRW wheat futures closed down 6 1/2 cents at $6.61 and nearer the daily low. On the week, March HRW rose 14 1/4 cents. Spring wheat futures fell 7 3/4 cents to $7.29 1/2, marking an 11-cent gain on the week. The wheat futures markets today saw corrective price pullbacks from this week’s gains that pushed SRW to a three-month high and HRW to a six-week high.
Cotton: March cotton futures fell 115 points before settling at 81.44 cents, marking a 202-point gain on the week. Cotton futures failed to followthrough on Thursday’s breakout, with prices falling despite a cut to the U.S. production estimate.
Cattle: February live cattle futures rose $3.20 to $165.725 and near the session high. On the week February live cattle lost $3.40. January feeder cattle futures gained $5.025 to $215.30, near the daily high and for the week up 87 1/2 cents. The live and feeder cattle futures markets saw short covering to end the trading week, after February live cattle on Thursday hit a 13-month low and January feeders a new contract low.
Hogs: Financial market strength and optimism about the economic outlook seemed to boost the livestock markets Friday. Expiring December hog futures rose 87.5 cents to $68.425, while most-active February climbed $1.20 to $68.975. That marked a weekly decline of $1.125. The monthly U.S. Employment report showed a surprisingly large rise in November hiring, which apparently prompted renewed optimism about the economic outlook and the possibility of a ‘soft landing’ in early 2024.