Corn: May corn futures closed 7 3/4 cents lower to $5.05 and settled on session lows. That marked a 3 3/4 cent loss on the week. May corn futures ended the week on a bearish note, negating the gains seen earlier this week.
Soybeans: March soybeans fell 6 cents to $10.39 1/2 but still rose 3 1/2 cents on the week. March soymeal closed down $1.20 to $294.80 and for the week down $1.10. March soyoil slid 45 points to 46.81 and gained 74 points on the week. Soybeans ended the week under mild pressure, as outside markets lent no help amid a broad risk-off tone across the marketplace.
Wheat: March SRW wheat rose 4 1/2 cents to $5.90, nearer the daily high and for the week down 10 cents. March HRW wheat gained 1 3/4 cents to $6.09 1/4, near mid-range and for the week 12 cents lower. March spring wheat futures fell a penny to $6.31 3/4 but ended the week down 1 3/4 cents. After seeing some profit taking and chart consolidation this holiday-shortened trading week, the winter wheat market bulls need to get back in gear to keep their near-term price uptrends alive.
Cotton: March cotton rose 11 points to 66.08 cents but ended the week down 103 points. Cotton futures held together rather remarkably today despite no outside market help as the dollar firmed and equities and crude oil futures plummeted.
Cattle: April live cattle futures rose 15 cents to $193.95 and near mid-range. For the week, April live cattle fell 30 cents. March feeder cattle futures rose $1.125 to $267.95, near mid-range and for the week up $1.30. The cattle futures markets ended a holiday-shortened week with modest gains and the bulls are hoping the markets next week will show stability if not some fresh price strength.
Hogs: Nearby hog futures slipped to end the week, whereas the deferred contracts posted moderate gains. April hogs lost 85 cents on the day to $87.675. That marked a weekly drop of $4.925. This week’s big futures losses certainly suggest more of the same will occur next week, but today’s wholesale action may indicate otherwise.