Corn: March corn futures fell 3 1/4 cents to $4.86 1/2 and closed at mid-range. That marked a 1 1/4 cent gain on the week. Corn futures saw modest profit-taking and spent the day in the middle of this week’s range with minimal direction.
Soybeans: March soybeans fell 9 3/4 cents to $10.55 3/4, but still gained 21 3/4 cents on the week. March soymeal edged $10.40 lower to $304.90 and still managed to notch a $7.70 weekly gain. March soyoil rose 18 points to 45.22 cents but gave up 47 points on the week. Looming technical resistance combined with a corrective pullback in soymeal futures were the culprits of today’s weakness in soybean futures, though a plunging U.S. dollar to a more than one-month low was certainly a supporting factor.
Wheat: March SRW wheat futures fell 10 cents to $5.44, nearer the session low, and on the week up 5 1/4 cents. March HRW futures were down 11 1/4 cents to $5.59 1/2, nearer the daily low and for the week up 11 cents. March spring wheat futures fell 9 1/4 cents to $5.95 1/4 but rose 11 3/4 cents on the week. After a promising start to the holiday-shortened trading week this week, the bulls went out with a whimper.
Cotton: March cotton climbed 14 points to 67.61 cents, marking a one-point weekly loss. Cotton futures continued to struggle despite a withering U.S. dollar and evidence of a second week of solid weekly export sales.
Cattle: April live cattle futures gained $2.30 to $203.025, nearer the daily high and set a contract high. For the week, April live cattle rose $5.525. February live cattle set a record high close, basis nearby futures, up $3.675 at $204.775. March feeder cattle futures also set a new contract high, up $2.50 at $276.575 and for the week rose $8.525. Expiring January feeder cattle futures today set a record-high close, up $1.625 at $278.70. Today’s strong gains and technically bullish weekly high closes in live and feeder cattle futures suggest still more price upside next week.
Hogs: Hog futures followed the cattle and feeder complex higher Friday, with nearby February rising 17.5 cents to $82.30. Most-active April futures rose $1.00 to $88.20. That represented a weekly decline of 12.5 cents. The cash hog market seemed to stall this week, as indicated by the CME hog index.