Corn: May corn futures closed 6 3/4 cents lower to $4.58 1/2, which marked a 10 3/4 cent loss on the week. After posting impressive gains last week, corn bulls struggled to garner much bullish momentum this week, showing relative weakness compared to wheat and soybeans.
Soybeans: May soybeans rose 5 1/4 cents to $10.16, but gave up 9 cents on the week, while May soymeal fell $1.20 to $305.90 but marked a $1.50 weekly gain. May soyoil rose 31 points to 41.59 cents but lost 183 points on the week. Soybeans forged modest end-of-week gains with weakness across grains crimping buyer interest.
Wheat: May SRW wheat futures fell 5 1/2 cents to $5.57 and nearer the daily low. On the week, May SRW rose 5 3/4 cents. May HRW wheat futures lost 1 1/2 cents to $5.86 and nearer the daily low after hitting a three-week high early on. For the week, May HRW rose 21 1/4 cents. May spring wheat futures fell 2 cents to $6.01 3/4 but marked a 9-cent weekly gain. Wheat producers and traders will keep a closer eye on weather in U.S. wheat areas the next several days.
Cotton: May cotton rallied 84 points to 67.37 cents, marking a 130-point weekly gain. Cotton futures were able to resume midweek momentum, driven by solid outside market support as the U.S. dollar waned and equities soared.
Cattle: April live cattle futures rose $1.125 to $203.175, near the daily high and closed at a 2.5-month high close. For the week, April cattle gained $2.90. May feeder cattle futures gained $1.125 to $282.65, near the daily high and closed at a contract high close. On the week, May feeders rose $4.25. The technically bullish weekly high closes today in April live cattle and May feeders set the stage for follow-through chart-based buying early next week.
Hogs: Hog futures stabilized in the wake of recent losses. The nearby April contract rose $1.00 to $86.625, which represented a weekly slide of 72.5 cents. The deferred contracts posted modest losses. Stable cash prices are providing solid support for the April hog contract, particularly since it’s priced about $3.00 under the hog index.