Corn: December corn rallied 13 1/4 cents on the session to $5.13 3/4, the highest level since the June 30 breakdown, and rose 19 1/4 cents on the week to settle near the weekly high. The aftermath of this week’s WASDE report showing higher ending stocks than expected is still shaking out in December futures, with trade in the latter half of the week proving bullish, albeit with some challenges today.
Soybeans: November soybeans rose a penny to 13.70 3/4 and gained 53 cents on the week. August meal rose $1.50 to $423.80 and is up $18.00 on the week. August soyoil fell 64 points to 65.05 cents but rose 248 week-over-week. November Soybeans failed to muster the strength to make a move above stiff technical resistance around $13.85 in a run toward the July 3 high to end the week.
Wheat: December SRW wheat rose 21 1/4 cents to $6.80 3/4 and near the session high. For the week, December SRW rose 14 1/4 cents. December HRW wheat gained 22 3/4 cents to $8.33 1/2, near the daily high and for the week up 14 cents. December spring wheat rose 22 1/4 cents to $8.89 1/2, a 35-cent gain on the week. Friday’s technically bullish weekly high closes in winter wheat futures suggest follow-through chart-based buying next week.
Cotton: December cotton fell 46 points to 81.22 cents and for the week rose 5 points. December cotton extended lower for the third straight session and edged below the 100-day moving average to end the week.
Cattle: Sustained cash market strength sparked a $3.275 gain in nearby August live cattle futures to a contract-high close at $180.175. That marked a weekly rise of $3.175. August feeder futures ended the week at $246.65, which represented daily and weekly gains of $1.65, and $1.225, respectively. Despite signs of early-week slippage and Wednesday’s sharp setback, cash cattle turned decisively higher Thursday.
Hogs: August lean hog futures fell 30 cents to $96.20 and near mid-range on the day. For the week, August hogs rose $1.05. It was not a bad week for hog market bulls as they kept the near-term price uptrend alive in August futures, which favors sideways-to-higher price action early next week.