Corn: July corn futures fell 4 1/2 cents to $4.52 1/2, nearer the session low and hit a two-week low. For the week, July corn lost 17 1/4 cents. The corn futures bulls fizzled this week, including a technically bearish weekly low close on Friday that suggests more follow-through selling pressure early next week.
Soybeans: July soybeans rose 11 3/4 cents to $12.28 and notched a 9-cent gain on the week. July soymeal rose $1.10 to $268.80 but gave up $3.10 week-over-week. July soyoil rose 75 points to 45.27 cents and picked up 83 cents on the week. Soybeans ended the week notching relative strength despite continued selling across the grain complex.
Wheat: July SRW wheat futures fell 12 cents to $6.51 1/4 and near the session low. For the week, July SRW dropped 12 1/4 cents. July HRW wheat futures closed down 11 1/2 cents to $6.61 3/4, near the daily low and for the week down 11 1/2 cents. July spring wheat futures fell 9 1/4 cents to $7.11 1/2 and slid 8 1/2 cents on the week. The winter wheat futures market bulls appear to have run out of gas this week.
Cotton: July cotton fell 35 points to 75.89 cents, and lost 142 points on the week. After notching a sixteen-and-a-half month low earlier in the week, cotton futures have traded quite narrowly in consolidative trade as technical resistance continues to curb buying, while this week’s low has served up support thus far.
Cattle: Anticipation of further short-term cash and wholesale strength seemed to power fresh gains in cattle and feeder futures Friday. June live cattle futures climbed $2.025 to $181.05, ending the week having gained $4.90 since last Friday. Expiring May feeder futures rose $1.875 to $246.725, while most-active August jumped $2.50 to $259.85. The latter represented a weekly gain of $8.95. After struggling to hold above the $290.00-$300.00 for weeks, wholesale beef prices broke out to the upside this week.
Hogs: Pessimism about the strength of the spring hog/pork rally weighed on hog futures again Friday. Nearby June futures fell $1.875 to $96.50, which matched the weekly drop of $1.875 as well. The cash hog and wholesale pork markets continued demonstrating considerable firmness to end this week, with the hog index looking set to rise another 16 cents to $92.29 when Thursday’s official quote is published next Monday.