Corn: March corn futures plunged 8 3/4 cents to $4.50 3/4 and settled near session lows. That marked a 3 1/4 cent loss on the week. Corn futures traded sharply lower, erasing the gains made earlier this week.
Soybeans: March soybeans fell 20 1/4 to $9.91 3/4 and marked a 2-cent weekly loss. March soymeal plunged $11.30 to $308.60 and down $1.90 on the week. March soyoil closed down 34 points at 39.93 cents and down 7 points week-over-week. Soybean futures faced heavy selling pressure to end the week as technical resistance curbed a move higher.
Wheat: March SRW wheat futures fell 16 1/2 cents to $4.29 1/4, nearer the daily low and set a contract low. For the week, March SRW dropped 17 1/4 cents. March HRW wheat lost 12 3/4 cents to $5.39, nearer the daily low and closed at a contract low close. On the week, March HRW fell 15 1/2 cents. March spring wheat futures fell 11 3/4 cents to $5.77 3/4 and marked a weekly loss of 17 1/2 cents. Friday’s hefty selloff in the winter wheat futures markets that included technically bearish weekly low closes set the stage for follow-through, chart based selling pressure from the speculators early next week.
Cotton: March cotton fell 91 points to 67.66 cents and was down 123 points on the week. Cotton futures edged lower as technical resistance continued to limit buyer interest despite outside market support.
Cattle: February live cattle futures rose 45 cents to $194.05, nearer the daily low after hitting a 14-month high early on. For the week, February cattle rose $3.40. March feeder cattle futures lost $2.025 to $264.175 and nearer the daily low after hitting a contract high early on. On the week, March feeders rose $3.625. After surging to fresh for-the-move highs in early trading today, the live and feeder cattle futures bulls appeared to have run out of gas by producing low-range closes.
Hogs: Hog futures rebounded from big early losses. Nearby February ended the day having slipped 37.5 cents to $80.775. That represented a weekly drop of $3.375. The hog and pork complex remained seasonally weak through Friday, with anticipation of a big drop in the CME hog index apparently undercutting futures.