Corn: July corn futures sunk 3 1/4 cents to $4.48 3/4 but gained 2 1/2 cents on the week. Corn futures gave up a portion of Thursday’s gains as sellers reemerged, though prices closed relatively flat on the week. On the weekly continuation chart, prices continue to trend lower, and a bearish seasonal for the month of June does not bode well for the rest of the month.
Soybeans: July soybeans plummeted 20 3/4 cents to $11.79 1/4 and gave up 25 3/4 cents on the week. July soymeal fell $2.10 to $360.70 and ended $4.0 lower week-over-week. July soyoil fell 72 points to 43.63 cents, marking a 191-point drop on the week. Soybeans notched a second straight weekly loss, giving up a total of 64 cents over the period, handing back more than eighty percent of the rally over the prior five-week stretch.
Wheat: July SRW wheat futures fell 12 cents to $6.27 1/2, near mid-range and hit a four-week low. For the week, July SRW fell 51 cents. July HRW wheat futures lost 12 1/4 cents to $6.65 3/4, near mid-range and hit a nearly four-week low. For the week, July HRW fell 43 cents. July spring wheat futures fell 12 1/4 cents to $6.94 1/2 and gave up 45 1/4 cents on the week. Friday’s technically bearish weekly low closes in winter wheat futures suggest follow-through chart-based selling pressure early next week.
Cotton: July cotton fell 160 points to 73.84 cents and closed down 231 points on the week. Cotton traders took profits to end the week following three straight days of gains and as technical resistance and a surging U.S. dollar curbed buying.
Cattle: August live cattle futures fell 30 cents to $177.175, near mid-range and posted a three-week low close. For the week, August live cattle fell $1.275. August feeder cattle futures rose $2.075 at $254.925 and nearer the daily high. On the week, August feeders fell $1.475. Today’s technically bearish weekly low close in August live cattle futures sets the market up for follow-through chart-based selling early next week.
Hogs: Hog futures were mixed again Friday, with the nearbys edging higher and the deferred contracts mostly slipping. The expiring June contract rose 37.5 cents to $92.525, while most-active July gained 52.5 to $93.50. The latter close represented a weekly drop of $3.60. The hog market continues sending mixed signals about the short-term outlook, as best indicated by mixed trading in the various contracts.