Corn: May corn futures closed 3 1/4 cents higher to $4.53 1/4 and settled nearer session highs. That still marked an 11-cent loss on the week. Corn futures saw a volatile day of trade before closing modestly higher on the day.
Soybeans: May soybeans rose 6 1/4 cents to $10.23 and gained 13 1/4 cents on the week, while May soymeal dove $1.00 to $293.50, ultimately marking a $6.80 weekly loss. May soyoil rose 89 points, forging a 315-point weekly gain. Soybeans were able to eventually post followthrough strength to end the week.
Wheat: May SRW wheat futures prices fell 3 3/4 cents to $5.28 1/4 and nearer the daily high. Prices hit a contract low and for the week were down 30 cents. May HRW futures lost 14 1/2 cents to $5.51 3/4, nearer the daily low, hit a three-week low and on the week were down 37 cents. May spring wheat futures fell 7 1/2 cents to $5.81 and lost 24 cents on the week. The recent downdraft in winter wheat futures prices sets the stage for follow-through technical selling pressure next week.
Cotton: May cotton fell 18 points to 66.89 cents, marking a 162-point weekly gain. Cotton futures posted modest corrective losses, with selling limited by technical support and a decline in the U.S. dollar, while heavy pressure in the equities and crude oil certainly hovered over the natural fiber.
Cattle: June live cattle futures fell 95 cents to $204.85, nearer the daily low and for the week up $2.075. May feeder cattle futures lost $1.35 to $285.175, nearer the daily low and on the week up 7 1/2 cents. The cattle futures markets today saw some routine profit-taking pressure from speculators as prices are not far below their contract/record highs.
Hogs: Hog futures ended the week on a mixed note, with nearby April sliding 32.5 cents to $86.70, while most-active June slid 40 cents to $95.775. That represented a $1.70 drop from last Friday’s close. Hog futures proved unable to sustain their initial bullish reaction to the bullish results of Thursday’s USDA Hogs & Pigs report.