Corn: July corn futures settled 4 3/4 cents lower to $4.35, marking a 15-cent loss on the week. One of the largest catalysts in the summer agricultural commodity markets is next week, as USDA updates planted acreage and the stocks report gives an inside look to use in the third quarter of the marketing year.
Soybeans: July soybeans rose 5 1/4 cents to $11.60 1/2 Friday, but lost 19 1/4 cents on the week, while July soymeal rose $4.20 to $361.80, but marked a weekly loss of $6.60. July soyoil fell 3 points to 43.94 cents and picked up 26 points on the week. Soybeans were able to take back a portion of Thursday’s losses, though this week’s trade was largely consolidative as technical pressure limited an earnest move to the upside, while persisting near-term oversold conditions limited heavier selling.
Wheat: July wheat futures sunk 11 1/4 cents to $5.61 1/2 and lost 51 1/4 cents on the week. July HRW futures closed 10 3/4 cents lower to $5.81 1/4 and lost 46 1/4 cents on the week. July spring wheat fell 7 1/4 cents to $6.11 1/2 and lost 51 1/4 cents week-over-week. Wheat futures continued to languish despite some buying efforts seen in the corn and soybean markets.
Cotton: July cotton plunged 266 points to 68.19 cents and marked a 278-point weekly loss. Cotton futures tumbled today amid looming technical pressure and lacking outside market support, including U.S. dollar strength to a seven-week high, as well as crude oil weakness.
Cattle: Nearby live cattle futures rose modestly Friday, while the rest of the complex fell. Expiring June futures rose 52.5 cents to $187.60, while most-active August cattle rose 60 cents to $183.15. That marked a weekly dip of 2.5 cents. August feeder futures dropped $1.45 to $258.375; that represented a weekly decline of $3.60. There has been minimal cash cattle this week, with the industry apparently awaiting the results of the monthly USDA Cattle on Feed results (coming out at 2:00 pm CDT) before getting serious about moving/buying cattle.
Hogs: The nearby July hog contract rose 90 cents to $92.05 Friday, while the deferred contracts were flat to lower. Most-active August inched up 20 cents to $89.325, which represented a weekly drop of $1.125. The nearby hog contracts firmed Friday, possibly due to fresh wholesale pork strength.