Corn: July corn futures rose 1/2 cent to $4.60 1/4, nearer the session low but did close at a three-month-high close today. For the week, July corn gained 10 1/4 cents. Today’s trading action in corn futures was a mixed bag.
Soybeans: July soybeans rallied 16 cents to $12.15 and notched a weekly gain of 39 cents. July soymeal closed $7.30 higher at $372.20 and picked up $27.50 on the week. July soyoil fell 16 points to 43.08 cents and is down 246 points from a week ago. Nearby soybean futures extended gains to a more than one-month high in early trade amid a third day of corrective buying, as solid soymeal gains underpinned the complex.
Wheat: July SRW wheat futures rose 18 1/4 cents to $6.22 1/2 and nearer the session high. For the week, July SRW gained 1/2 cent. July HRW wheat futures closed up 13 3/4 cents to $6.50 1/4 and near mid-range. For the week, July HRW fell 4 cents. July spring wheat futures gained 5 1/4 cents to $7.14 1/2. That represented a weekly rise of 16 3/4 cents. The late-week gains in winter wheat futures set the table for follow-through speculator and technical buying interest early next week.
Cotton: July cotton rose 244 points to 78.06 cents, but still lost 284 points on the week. Cotton buyers stepped in to end the week amid bargain buying following a grueling selloff since the beginning of March.
Cattle: Cattle futures moved mostly higher Friday, while feeders were mixed. June live cattle skidded 12.5 cents to $176.675, which represented a $1.90 drop from last Friday. May feeder futures slid 30 cents to $243.30, marking a weekly decline of $5.40. The cash cattle market remained firm through Thursday, with modest numbers of steers trading in Iowa/southern Minnesota and Nebraska at $186.77.
Hogs: Flat cash hog and pork prices undermined hog futures again Friday. June futures slid 97.5 cents to $98.95, with the close representing a $3.525 weekly drop. Despite the hog and pork complex’s history of spring price strength, the markets have traded mostly sideways lately.