Corn: Corn futures surged on light volume though struggled to take out this week’s highs. It is not uncommon for grains to post a significant reversal in the first week of July, but followthrough buying is early next week is necessary before calling a bottom. Bulls shook off a poor export sales report, gaining 4 1/2 cents to $4.24, gaining 3 1/2 cents on the week.
Soybeans: November soybean futures ended the week on a high note and posted a bullish reversal on the weekly bar chart despite it being a low volume week. Followthrough higher early next week will be key. November soybeans closed 8 1/4 cents higher to $11.29 3/4, gaining 25 3/4 cents on the week. August meal surged $7.1 to $357.2, a weekly gain of $11.2. August bean oil firmed 91 points to 49.55 cents, surging 548 points on the week.
Wheat: Winter wheat futures finished the day near this week’s highs, supported by impressive export demand as export sales came in higher than expectations. December SRW futures closed 15 1/2 cents higher on the day to $6.13 1/2 marking a weekly gain of 16 1/2 cents, while December HRW futures gained 13 3/4 cents to $6.16, closing 12 3/4 cents higher on the week.
Cotton: Cotton futures underwent heavy selling pressure to end the week as December futures plunged 138 points to 70.98 cents, marking a 171 point loss on the week. Export sales in cotton continue to be poor for both old-crop and new-crop, which is likely to continue to weigh heavily on cotton prices as the crop is heavily export dependent for use.
Cattle: Live cattle futures struggled to maintain early session gains, but still closed 32.5 cents higher to $186.425 in the August contract, which gained a dollar on the week. August feeder cattle futures sunk $1.90 to $261.475, though still firmed $2,175 on the week. Cash trade was light up until today and this week is likely to post minimal trade given the holiday shortened schedule and hefty purchases the last few weeks, though trade that has taken place this week is steady from a week ago.
Hogs: Lean hog futures saw resurgent selling pressure after showing strength early in the week, as August futures fell 65 cents to $89.89.175, falling $1.70 on the week. The CME lean hog index is up 14 cents to $89.45 as of July 2, though after rising for two consecutive days, the preliminary calculation puts the index down a quarter to $89.20 Monday.