Corn: December corn futures ended the session down 4 1/4 cents to $4.76 1/4, marking a 7 1/2 cent loss on the week. Corn futures saw selling pressure throughout the session, though the double bottom from August and September lows remains intact.
Soybeans: November soybeans fell 20 1/4 cents to $13.40 1/4, losing 22 3/4 cents, while meal futures fell $7.30 to $392.10, a $9.30 drop on the week. December soyoil rose 34 points 62.06 cents, a 156-point gain on the week. Soybean futures ended the week lower after attempting to recapture early week losses following USDA’s September crop data which cast a negative tone across the complex.
Wheat: December soft red winter wheat futures rose 10 1/2 cents to $6.04 1/4 and on the week gained 8 1/2 cents. December HRW wheat futures closed up 10 cents at $7.46 1/2, near the session high and for the week up 14 1/2 cents. December spring wheat rose 5 1/2 cents to $7.89 and gained 18 1/4 cents on the week. Today’s technically bullish weekly high closes in December SRW and HRW contracts set the table for follow-through buying interest early next week.
Cotton: December cotton fell 136 points to 86.44 but gained 53 points on the week. December cotton futures gave up Thursday’s gains as traders weigh lackluster export demand and production curbs in the wake of hot, dry conditions in Texas through much of the growing season.
Cattle: Nearby live cattle and feeder futures ended the week at fresh all-time highs. October live cattle surged $1.45 to $186.925 at the close; that marked a weekly advance of $3.70. October feeder futures jumped $2.60 to $264.475, which represented a weekly rise of $5.325. Despite this week’s wholesale slippage, which saw choice cutout drop about $6.00 from last Friday’s close to today’s midsession quote at $306.36, it looks as if cash and futures prices will rise significantly.
Hogs: October lean hog futures fell 22 1/2 cents to $83.125 and nearer the session low. On the week, October hogs gained $1.60. It was a good week for the lean hog futures bulls as prices Wednesday hit a five-week high and a four-week-old uptrend remains in place on the daily bar chart.