Corn: December corn futures slid a quarter of a penny to $4.04 3/4, marking a 10-cent loss on the week. Corn futures struggled to build on bullish overnight momentum as prices closed near unchanged.
Soybeans: November soybeans fell 7 cents to $10.36 and lost 29 1/4 cents on the week. December meal futures fell $4.00 to $307.50 a posted a $6.60 week-over-week loss and closed lower for the eighth straight week. August soyoil rose 11 points to 46.56 cents but closed 9 cents lower on the week. Soybean gains faded as the session progressed, most contracts finishing just shy of the session low.
Wheat: December SRW wheat futures rose 8 cents to $5.68, near mid-range and for the week down 7 3/4 cents. December HRW wheat futures gained 7 3/4 cents to $5.86 3/4, near mid-range and for the week up 1/4 cent. December spring wheat futures rose 9 1/4 cents to $6.29 1/2 and rose 12 1/4 cents on the week. Today’s technically bullish weekly high closes in December SRW and HRW wheat futures suggest follow-through technical buying from the speculators early next week.
Cotton: December cotton slid 123 points to 70.70 cents and posted a 57-point weekly loss. Cotton futures extended Thursday’s weakness, with outside market pressure stemming from heavy selling in crude oil futures and equities combined with a second straight day of strength in the U.S. dollar.
Cattle: August live cattle futures rose 85 cents to $183.10, nearer the session high and on the week up 72 1/2 cents. August feeder cattle futures fell 62 1/2 cents to $255.60, nearer the session high and for the week down $3.05. The cattle futures bulls this week worked to stabilize their markets following the early-July sell off.
Hogs: Hog futures resumed their recent advance Friday. Nearby August ended the day 20 cents higher at $91.575, while the deferred contracts posted sizeable gains. August futures ended the week having risen $2.125 since last Friday. Hog traders seemingly anticipate much improved grocer and consumer demand for pork during the second half of 2024, as best exemplified by the sizeable gains posted by the deferred contracts since last Thursday.