Corn: March corn futures fell 8 cents to $4.85 1/4 and near the session low at Friday’s close. For the week, March corn rose 6 1/4 cents. Today’s technically bearish weekly low close in March corn futures sets up some follow-through chart-based selling pressure early next week, including a challenge of the recent contract low of $4.76 1/2 or below.
Soybeans: January soybeans fell 20 cents to $13.40 1/4 and gave up 7 1/2 cents on the week. December meal dropped $13.50 to $453.30 but gained $3.90 week-over-week. December soyoil rose 38 cents to 52.01 cents and gained 81 cents on the week. Soybeans ended the week under extended pressure amid profit-taking in meal futures and an improving Brazilian weather forecast.
Wheat: March SRW wheat futures fell 5 1/4 cents to $5.75 3/4, near the session low and hit a seven-week low. For the week, March SRW lost 23 1/2 cents. March HRW wheat futures dropped 8 1/2 cents to $6.27 1/2 and hit a 27-month low. For the week, March HRW fell 23 1/4 cents. March spring wheat futures ended the week at $7.31 3/4, down 8 3/4 cents on the day and 10 3/4 on the week. The technically bearish weekly low closes in winter wheat futures markets today set the stage for follow-through chart-based selling pressure from the speculators early next week.
Cotton: December cotton rose 24 points to 78.92 cents, while March futures rose 63 points to 81.51 cents, marking 160- and 201-point gains on the week, respectively. Cotton futures saw only modest buying to end the week despite supportive outside markets as technical headwinds limited momentum.
Cattle: Cattle and feeder futures rebounded moderately from Thursday’s big losses. December live cattle climbed $1.00 to $175.75, which represented a $1.575 weekly advance. January feeder futures also rallied $1.00 to $228.50 at Friday’s close, marking a weekly rise of $2.075. Next week’s price action seems likely to be muted with Thanksgiving arriving on Thursday and packers cutting back on activity later in the week.
Hogs: Hog futures proved mixed Friday, with nearby December slipping 50 cents to $70.975, along with a February loss, whereas deferred futures posted modest gains. December hogs ended the week having declined 92.5 cents from last Friday. The hog and pork complex largely remained stable this week, although the CME lean hog index has apparently turned seasonally lower once again.