Corn: December corn futures surged 7 1/4 cents to $4.13 1/4 and closed on session highs, marking a 7 cent gain on the week. Corn futures shrugged off weakness from the soybean market and closed near this week’s highs.
Soybeans: November soybeans fell 4 1/2 cents to $10.06 1/4 but gained 1 1/4 cents on the week. December soymeal closed down 30 cents at $322.90 and down $1.60 from a week ago. December soyoil fell 86 points to 38.93 cents, marking a 71-point weekly loss. Soybeans failed to extend Thursday’s gains despite relative strength across the grain complex and a weaker U.S dollar.
Wheat: December SRW wheat futures rose 16 1/4 cents to $5.94 3/4, nearer the daily high and hit a two-month high. On the week, December SRW rose 27 3/4 cents. December HRW wheat gained 13 3/4 cents to $6.00, nearer the daily high and also hit a two-month high. For the week, December HRW was up 22 1/2 cents. December spring wheat futures rose 13 3/4 cents to $6.35 1/2 and picked 21 3/4 cents on the week. The winter wheat bulls had a very good week, including near-term price uptrends being confirmed and technically bullish weekly high closes on Friday that suggest follow-through chart-based buying from the speculators early next week.
Cotton: December cotton fell 56 points to 69.82 cents but rose 194 points on the week. Cotton futures gave up most of Thursday’s gains to end the week, though underlying technical support limited sellers combined with support from a weaker U.S. dollar and strength in equities.
Cattle: October live cattle futures fell 37 1/2 cents to $177.65 and near mid-range. For the week October cattle rose $2.475. October feeder cattle futures lost 62 1/2 cents to $239.125 and near mid-range. On the week, October feeders gained $8.175. Despite Friday’s modest losses in nearby live and feeder cattle futures, the bulls had a good week.
Hogs: Hog futures traded on both sides of unchanged Friday, then closed modestly lower. Nearby October settled at $78.45, down 45 cents on the day and $1.05 on the week. Cash hog prices continued sliding through Thursday, with Wednesday’s official CME index quote dipping 11 cents to $85.35 and Thursday’s preliminary calculation indicating another 48-cent drop to $84.87 when it’s officially quoted next Monday.