Corn: December corn futures plunged 13 cents to $4.20 3/4, losing 32 1/2 cents on the week. Corn futures continue to undergo heavy selling pressure as a bearish cocktail of data released from USDA kept prices under pressure.
Soybeans: November soybeans fell 3/4 cent to $11.04 and lost 16 cents on the week. August soymeal fell $2.10 to $346.00, marking a $2.70 week-over-week loss. August soyoil rose 34 points to 44.07 cents and marked a 13-point loss on the week. Soybean gains faded as the session progressed in the wake of mostly neutral acreage and June 1 stocks data from USDA.
Wheat: December SRW wheat futures fell 4 1/2 cents to $5.97 and for the week fell 2 3/4 cents. December HRW wheat lost 8 1/4 cents to $6.03 1/4 and for the week were unchanged from last Friday’s close. September spring wheat futures fell a nickel to $6.13 and lost 5 cents on the week. Today was one of the biggest USDA report days of the year for the grains.
Cotton: December cotton fell 189 points to 72.69 cents but managed to post a 48-point gain on the week. Recent cotton gains were negated by USDA’s acreage data, which showed a much larger number than the marketplace was expecting.
Cattle: August live cattle closed down $1.025 at $184.425 and nearer the session low. For the week, August live cattle gained $2.275. August feeder cattle futures lost $1.35 to $259.30, nearer the session low and on the week moved up 92 1/2 cents. The cattle futures markets today saw some profit taking pressure from recent gains that on Thursday pushed August live cattle to a nine-month high.
Hogs: Hog futures proved surprisingly strong to end the week. The expiring July contract rose 12.5 cents to $89.575, while most-active August climbed $1.40 to $89.50. The closing quote represented a weekly gain of 17.5 cents. Thursday’s quarterly USDA Hogs & Pigs implied summer hog slaughter will average about 2% over year-ago levels, with fall supplies likely to run about 1% over last year.