Corn: December corn futures fell 4 cents to $4.01 3/4, marking an 11 1/2 cent loss on the week. Corn futures experienced selling pressure for the second consecutive session despite relative strength seen in the wheat and soybean markets.
Soybeans: November soybeans fell 1 1/4 cents to $10.12 but rose 5 3/4 cents on the week. December soymeal fell $2.40 to $319.20 and marked a $3.70 decline from a week ago. December soyoil rose 43 points to 41.36 cents, notching a 243-point gain week-over-week. Soymeal losses cast a shadow over the soybean complex to end the week, though technical support at the nearly converged 20- and 40-day moving averages curbed traders’ appetite to sell.
Wheat: December SRW wheat futures rose 3 cents to $5.68 1/2 and nearer the daily low. For the week, December SRW lost 26 1/4 cents. December HRW wheat dipped 1/2 cent to $5.64, nearer the daily low and hit a three-week low. For the week, December HRW fell 36 cents. December spring wheat futures rose 1/4 cent to $6.08 and fell 27 1/2 cents on the week. The winter wheat futures bulls fizzled this week as prices closed at technically bearish weekly low closes today and near-term price uptrends on the daily charts were negated, to suggest more technical selling pressure from the speculators early next week.
Cotton: December cotton rose 49 points to 73.52 cents and gained 370 points on the week. Cotton futures extended gains to mark a near three-month high close, despite a stronger dollar and general weakness across equities.
Cattle: October live cattle futures rose $2.50 to $182.475, near the session high and hit a five-week high. For the week, October cattle rose $4.875. October feeder cattle futures gained 12 1/2 cents to $243.90, near mid-range and scored a six-week high. On the week, October feeders were up $4.775. The live and feeder cattle futures bulls have a very good week, including today’s technically bullish weekly high closes that suggest follow-through, chart-based buying interest early next week. Both markets this week also re-established bullish price uptrends on the daily bar charts.
Hogs: Hog futures ended on a mixed note, with nearby October skidding 2.5 cents to $82.225. The closing quote represented a weekly advance of $3.775. This week’s late action, particularly the lack of price direction, implies traders feel comfortable with current futures pricing and are waiting for some decisive news likely to push the market in one direction or the other.