Corn: December corn futures plunged 10 3/4 cents to $4.10, though still eked out a 9 1/4 cent gain on the week. Corn futures gave up most of this week’s gain, falling back below notable support and confirming bears’ technical grasp.
Soybeans: November soybeans plunged 31 cents to $10.48 1/2 but managed to gain 12 1/2 cents on the week. December soymeal closed $4.50 lower but marked a week-over-week gain of $17.20. September soyoil fell 218 points to 43.01 cents and closed down 264 points on the week, marking the third straight weekly decline. Notable selling was featured in the soy complex to end the week, as heavy pressure in soyoil and corn each weighed on soybeans throughout the session.
Wheat: December SRW wheat futures fell 14 cents to $5.48 1/2, near the session low and closed at a contract low close. For the week, December SRW fell 19 1/2 cents. December HRW wheat futures dropped 16 cents to $5.62, near the session low and closed at a contract low close. For the week, December HRW lost 24 3/4 cents. December spring wheat futures slid 14 1/2 cents to $6.07 1/2 and closed down 22 cents on the week. The new contract lows and technically bearish weekly low closes today in the winter wheat futures markets set the stage for follow-through, chart-based selling pressure from the speculators early next week.
Cotton: December cotton fell 91 points to 67.99 cents, and for the week lost 271 points. Cotton futures extended recent selling pressure, forging a more-than-two-year-low close.
Cattle: August live cattle fell 32 1/2 cents to $188.575, nearer the session low after hitting a nine-month high early on. For the week August live cattle rose a solid $5.475. August feeder cattle futures rose $1.075 to $259.70, near mid-range and hit a three-week high. For the week, August feeders gained $4.10. The good weekly price gains in August live and feeder cattle futures contracts set the stage for more chart-based buying from the speculators early next week, as the charts this week did turn more bullish for both markets.
Hogs: Hog futures remained relatively firm in apparent anticipation of improved demand during the days and weeks ahead. Nearby August futures slipped 30 cents to $93.475. That marked a weekly gain of $1.625. Most deferred contracts posted modest gains. Despite the monthly USDA Cold Storage report indicating demand for U.S. pork remained weak during June, the cash hog and wholesale pork markets continued exhibiting strength Friday morning.