Corn: July corn futures fell 4 1/2 cents to $7.78 3/4, down 2 1/2 cents for the week and the contract’s lowest close since May 10. December corn fell 4 cents to $7.32, down 33 1/2 cents for the week. Nearby corn futures fell for a third consecutive week on spillover from a continued slump in the wheat market and expectations for improved U.S. planting progress.
Soybeans: July soybeans rose 14 3/4 cents to $17.05 1/4, up 58 3/4 cents for the week and the contract’s highest close since April 21. November soybeans rose 7 1/4 cents to $15.21 3/4, up 23 1/2 cents for the week. July soymeal gained $4.60 to $429.90 and July soyoil rose 140 points to 80.93 cents. Nearby soybean futures extended a nearly two-week rally to four-week highs behind bullish demand fundamentals, including stronger-than-expected exports.
Wheat: July SRW wheat fell 31 3/4 cents to $11.68 3/4, down 8 3/4 cents for the week. July HRW wheat fell 42 1/2 cents to $12.52 3/4, down 29 1/4 cents for the week. July spring wheat fell 51 1/2 cents to $12.79. Wheat futures plunged on heavy, technically-driven fund selling over the past three days, with further pressure stemming from moisture relief expected in the U.S. Plains.
Cotton: July cotton fell 543 points to 142.27 cents per pound, down 293 points for the week and a three-week low. Cotton was pressured by a steep selloff in the U.S. stock market, where concerns have increasingly grown over potential recession and stagflation.
Cattle: June live cattle rose 7.5 cents to $131.575, down 50 cents for the week. August feeders fell $1.275 to $163.925, down $4.10 for the week. Live cattle were pressured by softer cash prices and may drop further early next week following today’s bearish USDA Cattle on Feed Report. USDA estimated feedlot placements during April at 1.809 million head, down 0.9% from the same month in 2021 but well-above expectations for a drop closer to 4.6%. The May 1 feedlot inventory was 11.967 million head, up a higher than expected 2.0%.
Hogs: June lean hog futures rose $3.575 to $108.875, the contract’s highest closing price since April 28. July lean hogs rose $2.025 to $109.00, up $7.80 for the week. Sharp gains this week combined with wholesale pork strength solidified beliefs the hog market has established a near-term bottom and begun a delayed seasonal rally. Pork cutout values rose $3.65 today to $107.11, up nearly $6 from the end of last week and the highest daily average since April 22, though movement was light at about 216 loads.