Corn: March futures fell 10 1/4 cents to $6.50, on session lows. Corn fell 27 3/4 cents on the week to the lowest level since the first week in January. Corn futures extended yesterday’s selling on the open and spent most of the session within a couple cents off session lows.
Soybeans: March soybeans fell 5 1/4 cents to $15.29, gaining 1 3/4 cents on the week. May soybeans fell 8 cents to $15.19 1/4. March meal rose $4.00 to $497.10, while May meal rose $2.00 to $480.0. March soyoil fell 93 points to 61.11 cents, while May soyoil fell 96 points to 61.22 cents. Soybeans ended weaker after gapping higher to start the week as weekend frosts in Argentina handed bulls the torch.
Wheat: March SRW closed 30 cents lower at $7.08 1/4, its lowest level in 15 months, down 60 cents on the week. March HRW closed 20 cents lower at $8.41 3/4. March spring wheat closed down 22 1/2 cents to $8.85 1/2, the lowest level since August 2022. Wheat bulls fumbled their edge after a strong January.
Cotton: May cotton rose 274 points to 84.90 cents, a 340-point gain on the week. Cotton managed a solid rebound after marking low range closes through much of the week as the U.S. dollar index edged higher.
Cattle: Expiring February live cattle futures ended the week at $165.20, up 5 cents. Still, that marks a weekly advance of $1.625. Most active April cattle also rose 5 cents to $165.375, ending the week 72.5 cents above last Friday’s close. March feeder futures skidded 15 cents to $189.075, thereby marking a weekly rise of $2.55. This week’s winter storm probably didn’t bother Great Plains cattle all that badly since they are likely pretty-well adapted to the cold at this point.
Hogs: Nearby April hog futures edged 17.5 cents lower to $86.025 at Friday’s settlement. The closing quote represented a weekly rise of 75 cents. Hog industry activity this week was greatly hampered by the winter storm over the central U.S., with slaughter slowing sharply on Wednesday and Thursday.