Corn: July corn futures settled 2 1/2 cents lower to $4.46 1/4, the lowest close since April 19 and down 18 1/2 cents on the week. Corn futures closed lower each day this week in the biggest weekly loss since last July on the continuation chart.
Soybeans: July soybeans fell 4 3/4 cents to $12.05 and plunged 43 cents on the week. July soymeal rose $1.10 to $364.70 but gave up $21.80 week-over-week. July soyoil closed 20 points lower at 45.52 cents but gained 57 points on the week. Soybeans finished the week under pressure after handing back gains attained over the past three weeks, but still managed to notch a 42-cent month-over-month gain.
Wheat: July SRW wheat futures fell 2 1/2 cents at $6.78 1/2 and nearer the session low. For the week, July SRW lost 18 3/4 cents. July HRW wheat futures closed down 3/4 cent at $7.08 3/4, nearer the daily low and on the week down 12 1/2 cents. Spring wheat futures fell 2 1/4 cents to $7.39 3/4 and lost 13 cents on the week. Three sessions in a row of selling pressure in the winter wheat futures markets, including technically bearish weekly low closes Friday, set the markets up for follow-through speculator chart-based selling early next week.
Cotton: July cotton plummeted 161 points to 76.15 cents and lost 437 points on the week. Cotton futures posted follow-through weakness to end the week, taking back the biggest portion of last week’s gains and extending losses for the third consecutive month.
Cattle: August live cattle futures fell $1.325 to $178.45, near the session low and hit a two-week low. For the week, August live cattle dropped $2.675. August feeder cattle futures lost $2.675 at $256.40, nearer the session low, hit a two-week low and on the week were down $3.825. The three-session losing streak in the cattle futures markets, including Friday’s technically bearish weekly low closes, set the stage for follow-through chart-based selling pressure early next week.
Hogs: Hog futures firmed to end the week. Nearby June hog futures rose 37.5 cents to $94.35, while most-active July gained 17.5 cents to $97.125. The latter close represents a weekly decline of 12.5 cents. This week’s wholesale pork strength seemingly bodes well for next week’s trading as well.