Corn: May corn futures closed 4 3/4 cents lower, however marked a 5 3/4 cent gain on the week. Corn futures saw some strength mid-week but gave up a significant portion of those gains in selling pressure today.
Soybeans: May soybeans fell 3 1/4 cents to $10.09 3/4 and ended the week down 6 1/4 cents. May soymeal clawed back some early week losses, rising $3.20 to $300.30, but finished the week down $5.60. May soyoil closed 70 points lower at 42.01 cents but still marked a 42-point weekly gain. Soybeans spent the week consolidating in a fairly narrow range, as pressure from the 20-day moving average continued to drive sideways price action.
Wheat: May SRW wheat futures rose 1 cent to $5.58 1/4, near mid-range and for the week up 1 1/4 cent. May HRW wheat futures rose 2 1/4 cents to $5.88 3/4, near mid-range and on the week up 2 3/4 cents. May spring wheat rose 1/4 cent to $6.05 and rose 3 1/4 cents on the week. After selling off Wednesday and Thursday the winter wheat bulls stabilized their markets today, but need to show strength early next week to keep their near-term price uptrends alive.
Cotton: May cotton futures fell 81 points to 65.27 cents, near the daily low and down 210 points on the week. Cotton futures ended today solidly lower, losing every day this week and negating all of last week’s gain.
Cattle: April live cattle futures fell $1.525 to $206.95, near the daily low after hitting a contract and record high early on today. For the week, April cattle rose $3.775. May feeder cattle futures dropped $4.00 to $285.10, near the daily low after hitting a contract and record high early on. For the week, May feeders rose $2.45. Friday’s closes near daily lows in live and feeder cattle futures, after hitting for-the-move highs early on, suggests the bulls are now exhausted.
Hogs: Hog futures ended the week on a strong note, with nearby April futures rising 57.5 cents to settle at $86.125. That represented a weekly decline of 50 cents from last Friday’s close. After fluctuating on either side of unchanged on the week, nearby April futures ended the week only modestly lower.