Corn: December corn futures rose 1/4 cent to $6.84 1/4, a decline of 13 1/2 cents for the week. Corn futures erased overnight declines to post modest gains in nearby contracts with support from a pullback in the U.S. dollar and strength in U.S. equities.
Soybeans: November soybeans rose 4 cents to $13.95 1/2, the highest close since Oct. 13 and up 11 3/4 cents for the week. December soymeal rose $4.60 to $417.90. December soyoil rose 108 points to 71.50 cents, a four-month closing high. Soybeans posted a third straight weekly gain behind a recent upturn in export demand, with China making several purchases over the past two weeks.
Wheat: December SRW wheat rose 1 1/2 cents to $8.50 3/4, down 9 cents for the week. December HRW futures fell 1 1/2 cents to $9.48 1/4, down 4 cents for the week. December spring wheat slipped 1 cent to $9.61 1/2. Wheat futures remained under pressure from weak technicals and a strong dollar.
Cotton: December cotton rose 173 points to 79.13 cents after earlier dropping to the lowest level since late 2020. The contract fell 402 points this week. Cotton fell sharply for the week amid concern over dollar strength and the outlook for global demand.
Cattle: October live cattle gained 70 cents to $150.475, the highest close for a nearby contract since August 2015. December live cattle rose 75 cents to $152.425, a lifetime-high close for the contract. November feeder cattle rose 80 cents to $178.35, up $3.575 for the week. Continued cash strength drove futures higher. USDA-reported live steers averaged $150.06 through this morning, up from last week’s average of $146.99 and the third consecutive weekly increase. USDA’s Cattle on Feed Report today was considered largely price neutral.
Hogs: December lean hogs rose $2.10 to $89.125, the highest close since Aug. 15 and a weekly gain of $6.875. Hogs extended a rally on bullish technicals and firming cash fundamentals. Today’s CME lean hog index rose 56 cents to a three-week high of $93.76 and the benchmark is expected to rise 29 cents Monday. Pork cutout values fell $2.93 to $100.94, though movement was strong at 334 loads.