Corn: July corn futures closed 3/4 cents higher to $4.64 3/4, gaining 12 1/4 cents on the week. Corn futures closed on this week’s highs, in tandem with both soybeans and wheat.
Soybeans: July soybeans rose 8 3/4 cents to $12.48 and notched a 16 1/4-cent weekly gain. July soymeal surged $9.80 to $386.50 and rose $17.70 on the week. July soyoil slid 24 points to 44.95 cents and gave up 32 cents week-over-week. Strong gains in meal futures propped up the soy complex to end the week, though soybean futures edged mostly sideways in consolidative trade, with solid technical support continuing to underpin prices.
Wheat: July SRW wheat futures fell 3/4 cent to $6.97 1/4 and near mid-range. On the week, July SRW rose 46 cents. July HRW wheat gained 10 1/2 cents to $7.21 1/4, nearer the session high and hit an eight-month high. For the week, July HRW rose 59 1/2 cents. July HRS rose 8 3/4 cents to $7.52 3/4 and gained 41 1/4 cents on the week. The bullish near-term technical postures for the winter wheat markets, including Friday’s bullish weekly high close in July HRW, point to continue speculator and technical buying interest early next week.
Cotton: July cotton fell 120 points to 80.52 cents but rallied 463 points on the week. Cotton futures finally caught a bid this week after having faced heavy selling since the end of February, though gains were limited by resistance at the 40-day moving average of 81.43 cents.
Cattle: June live cattle futures rose 17 1/2 cents to $183.70 and near mid-range. For the week, June cattle rose $2.65. August feeder cattle futures lost $1.225 at $260.225 and nearer the session low. On the week, August feeders rose 37 1/2 cents. The cattle futures markets paused Friday after the bulls had a good trading week.
Hogs: Hog futures were mixed Friday, with nearby contracts slipping and the deferred futures posting slight gains. June lean hogs slid 25 cents to $94.275 at the close, which marked a weekly drop of $2.225. Short-term prospects for the hog and pork complex seemingly hold little promise of strength.