Corn: December corn futures surged 4 cents to $4.14 3/4, but still lost 9 1/4 cents on the week. Corn futures surged on today’s updated USDA supply and demand estimates, which showed tighter than expected endings stocks for both old-crop and new-crop.
Soybeans: November soybeans fell 2 1/2 cents to $10.65 1/4 and marked a 64 1/2-cent weekly loss. August soymeal fell $3.60 to $338.80 and edged $18.50 lower on the week. August soyoil fell 47 points to 46.65 cents and for the week fell 290 points. Soybean futures responded to USDA’s supply and demand update rather mutedly, despite lower-than-expected old- and new-crop ending stocks figures, as selling in meal futures limited buying interest.
Wheat: December SRW wheat futures fell 19 1/4 cents to $5.75 3/4, near the session low and hit a four-month low. On the week, December SRW lost 37 3/4 cents. December HRW wheat futures dropped 15 1/4 cents to $5.86 1/2, nearer the daily low and on the week down 29 1/2 cents. December spring wheat fell 20 1/4 cents to $6.17 1/4 and marked a weekly loss of 33 3/4 cents. The wheat futures markets got a bearish USDA monthly supply and demand report today that is likely to prompt more downside price pressure early next week.
Cotton: December cotton rose 40 points to 71.27 cents and marked a 29-point gain on the week. Cotton seemed relatively unphased by USDA’s mostly bearish update today, as continued weakness in the U.S. dollar likely lent support.
Cattle: August live cattle futures rose 12 1/2 cents to $182.375 and nearer the session high. For the week, August live cattle lost $4.05. August feeder cattle futures gained $2.50 to $258.65 and nearer the session high. For the week, August feeders fell $2.825. The cattle futures market bulls stabilized their markets late this week, with short covering featured following recent steep losses.
Hogs: Hog futures posted an impressive late-week rebound. The expiring July contract edged up 15 cents to $88.70, while most-active August surged $1.775 to $88.45. The closing quote marked a weekly decline of just 72.5 cents. The cash market remains generally stable, with the CME confirming Wednesday quote for the hog index down two cents to $88.65, with Thursday’s preliminary figure indicating another drop of 27 cents to $88.38.