Corn: March corn futures surged 14 1/2 cents to $4.70 1/2 and closed near session highs, marking a nearly 8-month high close. Corn futures surged higher on report driven strength, closing at the highest level in over seven months on the continuation chart.
Soybeans: March soybeans rallied 26 1/4 cents to $10.25 1/4, notching a 33 1/2-cent weekly gain. March soymeal extended $1.00 lower to $298.30 and sank $10.30 on the week. Marcy soyoil surged 282 points to 45.58 cents and rallied 565 points on the week. Soybeans ended the week on a positive note, extending to a near one-month following the government’s release of its Annual Production and Quarterly Grain Stocks Reports.
Wheat: March SRW wheat futures fell 3 1/4 cents to $5.30 3/4, near mid-range and set a new contract low. For the week, March SRW gained 1 1/2 cents. March HRW wheat futures rose 1 1/2 cents to $5.51 3/4, near mid-range and on the week gained 12 3/4 cents. March spring wheat futures rose 3/4 cent to $5.84 1/4 and gained 6 1/2 cents on the week. The wheat futures markets got a neutral-to-slightly bearish batch of USDA data today, to likely limit buying interest next week.
Cotton: March cotton fell 149 points to 67.01 cents, finishing the week down 65 points. Notable selling was featured in cotton futures today following bearish data from USDA in late-morning trade.
Cattle: February live cattle futures rose $1.175 to $198.775, reaching the highest level since September 2023 and on the week up $4.725. March feeder cattle futures rose $1.10 to $269.40, nearer the daily high and hit a contract high. For the week, March feeders gained $5.225. Cattle futures set new for-the-move highs again today as the mature bull markets roll on, with no solid, early clues that market tops are close at hand.
Hogs: Rising wholesale prices again supported hog futures to end the week. Nearby February hogs rose 57.5 cents to $82.55; that represented a weekly rise of $1.775. It’s very likely consumer demand for pork remains very strong, as indicated by this week’s strong rebound in pork cutout.