Corn: Corn futures saw strong corrective strength today as March futures gained a nickel to $4.33, though still lost 2 cents on the week. Nearby futures saw strength despite export sales coming in near the lower end of expectations this morning. Corn prices were supported by bargain hunting as prices closed at nearly the lowest mark in a month earlier this week.
Soybeans: Soybean futures struggled to garner much bullish momentum despite weekly export sales topping expectations and daily sales of 991,700 MT of soybeans for delivery to unknown destinations during the 2024-25 marketing year. January soybeans closed a 3/4 cent higher to $9.89 1/2 and closed near mid-range, which marked a 7 1/4 cent gain for the week. March meal futures closed $3.5 lower to $291.1.
Wheat: Winter wheat futures’ price action continues to be largely dictated by bearish technicals as traders ignore a cumbersome world balance sheet. March SRW futures slid 1/2 cent to $5.48 and closed near mid-range, though lost 15 1/4 cents on the week. March HRW futures fell 3 3/4 cents to $5.40 3/4.
Cotton: Cotton futures saw tepid strength to end the week, supported by export sales marking a marketing-year high for the week ended Nov. 21. As of this writing, March cotton futures are up 18 points on the session to 71.93 cents, over a penny gain on the week.
Cattle: December live cattle futures dipped 2 1/2 cents to $187.975 while February futures climbed 2 1/2 cents to $188.625. The latter notched a weekly gain of 37 1/2 cents. January feeder cattle futures climbed 70 cents to $259.475, marking a $4.90 gain on the week. Live cattle futures closed nearer session lows after trading higher most of the session. Cash fundamentals are improving with stronger-than-expected trade in the cash cattle market, which is expected to jump from last week’s average following trade $2 to $5 higher on Wednesday, though feeder futures continue to lead strength.
Hogs: December lean hog futures fell, 32 1/2 cents to $82.075 while February futures plunged $1.60 to $86.325. February futures climbed 72 1/2 cents on the week. Hog futures underwent heavy selling amidst persistent weakness in the cash market, as the CME lean hog index is down another 39 cents to $85.51 as of Nov. 26, while the preliminary calculation puts the index down another 30 cents to $85.21 Monday.