Corn: December corn futures rose 1 3/4 cents to $6.81, a gain of 1/4 cent for the week. Corn futures posted modest gains but ended largely flat on the week as traders looked ahead to USDA’s Nov. 9 Crop Production and Supply and Demand Reports, which are expected to carry only minor adjustments.
Soybeans: January soybeans surged 25 1/4 cents to $14.62 1/4, a gain of 62 cents for the week and the contract’s highest close since Sept. 22. December soymeal rose $6.10 to $420.40. December soyoil rallied 188 points to 77.17 cents, near a five-month high. Soybeans extended this week’s rally behind strength in crude oil and global vegoil markets.
Wheat: December SRW wheat rose 7 1/4 cents to $8.47 3/4, up 18 1/2 cents for the week and the first weekly gain in five. December HRW wheat rose 12 cents to $9.53 1/4, up 28 1/4 cents for the week. December spring wheat rallied 11 1/2 cents to $9.54 1/2. Status of a deal allowing Ukraine grain exports will continue to be a market concern as the agreement’s Nov. 19 expiration nears.
Cotton: December cotton rose 405 points to 87.05 cents, the contract’s highest close since Oct. 11, a gain of 1,494 points, or 21%, for the week and the largest weekly gain in nearly 12 years. Cotton extended a rally amid U.S. dollar weakness and strength in crude oil.
Cattle: December live cattle fell 30 cents to $151.65, down $1.35 for the week. January feeder cattle rose 20 cents to $179.625. Nearby live cattle fell for the first week in the past three on signs recent cash strength may be fading. Live steers averaged $151.91 this week through this morning, down 4 cents from last week’s average. Choice beef cutout values fell $1.43 to $263.75, but were still up 49 cents for the week. Movement totaled 119 loads.
Hogs: December lean hogs fell 40 cents to $82.975, the contract’s lowest close since Oct. 14 and a weekly decline of $3.175. Hog futures fell sharply a second consecutive week on eroding cash fundamentals and an outlook for increasing supplies. Pork cutout values rose 36 cents to $96.72, down $4.62 for the week and near a nine-month low. Movement was slower at 291 loads.