Corn: May corn futures fell 11 1/2 cents to $4.69 1/2, near the session low and hit a six-week low. For the week, May corn lost 35 1/2 cents. Today’s technically bearish weekly and monthly low close in May corn futures sets the stage for follow-through chart-based selling pressure from the speculators early next week.
Soybeans: May soybeans fell 11 1/2 cents to $10.25 3/4 and lost 21 1/2 cents on the week. May soymeal was unchanged at $300.20 but marked a weekly loss of $3.70. May soyoil slid 123 points and marked a 322-point week-over-week loss. Soybeans faced selling pressure to end the week as technical resistance crimped buyer interest in addition to risk off sentiments ahead of possible tariffs on March 4.
Wheat: May SRW wheat futures fell 6 3/4 cents to $5.55 3/4, near the daily low and hit a four-week low. For the week, May SRW lost 48 1/4 cents. May HRW wheat futures also hit a four-week low today, closing down 12 1/4 cents to $5.73, near the session low and on the week down 48 3/4 cents. May HRS futures fell 7 cents to $5.97 3/4 and sunk 48 3/4 cents on the week. The winter wheat futures markets had a dreadful week, including technically bearish weekly and monthly low closes on Friday that will invite follow-through technical selling interest from the speculative bears early next week.
Cotton: May cotton tumbled 135 points to 65.25 cents and marked a weekly loss of 209 points. Cotton futures faced pressure and edged to the lowest level since Sept. 2020 amid a general risk-off tone across the marketplace, with outside markets prompting additional selling interest.
Cattle: The February live cattle contract expired at noon Friday, settling at $197.725, down $1.675 on the day. April live cattle tumbled $3.475 to close at $192.65. That represented a weekly drop of $1.30. Feeder futures also suffered sizeable losses, with nearby March futures declining $1.475 to $274.975, which marked a $7.025 advance from last Friday. Cash and wholesale news seemed to undercut the cattle complex Friday.
Hogs: Hog futures proved unable to sustain their early rebound from Thursday’s big breakdown, with nearby April futures sliding 70 cents to $83.675 to end the week. That marked a weekly drop of $4.00. Thursday’s news that the Trump Administration will implement its promised tariffs on imported Mexican, Canadian and Chinese goods next week triggered the big breakdown in hog futures, because those three countries represent 3 of the top 5 importers of U.S. pork, with Mexico being number one.