Corn: December corn futures gave up corrective overnight gains and fell 33 3/4 cents to $4.94 3/4, falling 93 1/4 cents on the week. Expiring July futures ended the session down 26 1/2 cents at $5.54 1/2, ending the week 74 1/4 cents lower. Corn futures plunged following expected plantings coming in much higher than anticipated.
Soybeans: November soybeans surged 77 1/2 cents to $13.43 1/4, gaining 33 1/4 cents on the week and a whopping $1.96 3/4 on the month. August meal rose $17.00 to $413.90, for a $6.50 week-over-week gain, and $26.10 increase on the month. August soyoil rose the limit of 400 points to 61.70 cents, rising 370 points on the week and notching a solid monthly gain of 1,539 points. USDA’s Acreage Report sent bullish shockwaves across the soy complex in the wake of a 4-million-plus acre variance from the average pre-report estimate.
Wheat: December SRW wheat futures fell 15 1/4 cents to $6.69 ¼, finishing near the session low. For the week, December SRW lost 92 1/2 cents. December HRW wheat futures fell 1 1/4 cents to $8.00 1/4, near the session low. On the week, December HRW dropped 62 3/4 cents. Spring wheat futures fell 13 1/4 to $8.21 3/4, losing 58 cents on the week. The low-range closes in winter wheat futures today that also included technically bearish weekly low closes in December contracts set the table for follow-through selling pressure early next week.
Cotton: December cotton rose 134 points to 80.37 cents, gaining 170 points on the week and marking a 90-point monthly gain. Cotton extended higher amid follow-through corrective buying and USDA’s release of lighter-than-expected 2023 acres.
Cattle: Stabilizing cash and wholesale prices, along with a seeming bullish response to today’s corn breakdown, boosted cattle futures Friday. The nearby June contract went off the board at $181.50, up $1.75 at noon, while most-active August jumped $2.675 to $177.175; that’s up $6.40 on the week. August feeder futures rocketed $5.20 higher to $247.575, with the daily high of $247.825 representing a fresh all-time high for nearby feeder futures. The close marked a weekly jump of $13.625. Although this week’s cash and wholesale weakness seemed to fulfill bearish expectations for the fed cattle market, those moves didn’t dissuade bulls.
Hogs: August lean hog futures rose 27 1/2 cents to $92.60, nearer the session high and for the week gained $2.925. The lean hog futures market absorbed fairly well a mildly bearish USDA Hogs & Pigs Report issued Thursday afternoon.