Corn: July corn futures plunged 8 1/2 cents to $4.50, with selling accelerating into the close. Prices lost 1/4 cent on the week. Corn futures fell under pressure today, negating the rally seen mid-week.
Soybeans: July soybeans fell 9 3/4 cents to $11.79 3/4 but marked a 1/2-cent gain on the week. July soymeal closed 10 cents higher to $368.40, and marked a $7.70 week-over-week gain, while July soyoil fell 18 points to 43.68 cents but picked up 5 points on the week. Soybeans ended the day lower but were able to notch a slight weekly gain following two weeks of notable losses.
Wheat: July soft red winter wheat futures fell 7 1/4 cents to $6.12 3/4, near the session low and for the week down 14 3/4 cents. July HRW fell 9 1/4 cents to $6.27 1/2, near the session low and hit a six-week low. For the week, July HRW fell 38 1/4 cents. July spring wheat futures fell 11 1/2 cents to $6.55 1/2 and lost 39 cents on the week. Today’s weaker closes in winter wheat futures, including a technically bearish weekly low close in July HRW, set the table for some follow-through selling pressure by the speculative, chart-based futures traders.
Cotton: July cotton fell 38 points to 70.97 cents and marked a 287-point weekly loss. Cotton futures extended losses for a third straight week as technical pressure continues to limit buying interest.
Cattle: August live cattle futures rose $3.675 to $183.175, near the session high and hit an 11-week high. For the week, August live cattle rose $6.00. August feeder cattle futures gained $4.50 to $261.975, nearer the daily high and on the week up $7.05. Today’s price surges in live and feeder cattle futures that produced technically bullish weekly high closes set the stage for follow-through speculator buying interest in cattle futures early next week.
Hogs: Hog futures closed strongly after dipping to fresh lows Friday. The June contract expired 57.5 cents lower at $91.175, with July rising 87.5 cents to $93.65. Most-active August settled at $90.45, up $1.85 on the day, but down $1.225 on the week. The cash hog market proved surprisingly weak Thursday.