Corn: December corn futures climbed 3 1/2 cents to $4.31, ending the day near mid-range. Prices gained 16 1/2 cents on the week. Corn production came in well below the average trade estimate, helping support corn prices to end the week.
Soybeans: November soybeans rose 4 cents to $10.30 1/4 and gained 36 1/2 cents on the week. December soymeal fell $2.30 to $296.20 but rose 90 cents week-over-week. December soyoil rose 45 points to 48.77 cents and for the week, rose 247 points. The soy complex faced a volatile week but ultimately exposed resounding optimism as the week progressed.
Wheat: December SRW wheat futures rose 1 cent to $5.72 1/2, near mid-range and on the week up 4 1/2 cents. December HRW wheat futures lost 4 3/4 cents to $5.64 1/4, for a technically bearish weekly low close today. For the week, December HRW lost 2 1/2 cents. December spring wheat fell 4 3/4 cents to $5.97 3/4, marking a 2-cent loss on the week. The winter wheat futures markets spent another week languishing and got little help from a rallying corn futures market that today hit a more-than-four-month high.
Cotton: December cotton fell 7 points to 70.98 cents but rose 81 points on the week. Cotton futures ended the week in muted fashion amid mostly unsupportive outside markets and modest changes in USDA’s production, supply and demand update earlier today.
Cattle: December live cattle futures closed down $2.125, hit a six-week low and closed near the daily low. On the week, December live cattle lost $2.225. November feeder cattle futures fell $2.225 to $245.425, near mid-range and closed at a five-week-low close. For the week November feeders were down $1.45. Today’s technically bearish weekly low closes in the cattle futures market set the table for follow-through, chart-based selling pressure from the speculators early next week.
Hogs: Hog futures followed the cattle market lower Friday, with nearby December futures leading the way lower. December lost 77.5 cents on the day to close at $80.425. That represented a weekly drop of $3.65. It looks as if the cash hog market may have reached a belated fall peak.