Corn: May corn rose 5 1/4 cents to $4.69 1/4 and gave up 1/4 cent on the week. Corn futures ended the week on a positive note, though remained technically strapped despite support from extended U.S. dollar weakness and corrective strength in crude oil futures.
Soybeans: May soybean futures fell 2 1/4 cents to $10.25, near mid-range and for the week down 3/4 cent. May soybean meal lost 50 cents to $304.40, near mid-range and for the week up $4.20. May bean oil rose 25 points to 43.42 cents, near mid-range and down 70 points on the week. Soybeans and soybean meal futures finished the week Friday near their weekly high closes, which is a positive that suggests near-term market bottoms are in place and that some follow-through buying interest is likely early next week.
Wheat: May SRW wheat fell 2 3/4 cents to $5.51 1/4 and gave up 4 1/2 cents on the week. May HRW fell a penny to $5.64 3/4 and marked a weekly loss of 8 1/4 cents. Wheat futures ended the week under modest pressure despite continued U.S. dollar weakness as trade uncertainties loom.
Cotton: May cotton futures rose 86 points to 66.07 cents, nearer the daily high and on the week gained 82 points. Today’s technically bullish weekly high close in May cotton futures sets the stage for chart-based, follow-through buying interest from the speculators early next week.
Cattle: April live cattle led the livestock complex higher Friday, leaping $4.00 to $200.275 at the close. That represented a weekly jump of $7.625. April feeder futures surged $3.725 to $278.15, which marked a weekly gain of $5.15. This week’s early-to-mid-week cash action didn’t seem terribly supportive as indicated by Thursday’s moderate fed cattle trading averaging $196.90. That represented a 75-cent drop from last week’s five-area average.
Hogs: April lean hog futures settled 70 cents higher to $87.35 and closed near session highs, marking an impressive $3.675 gain on the week. Hogs finished the week on the weekly high, staging an impressive rebound from recent sharp selling pressure.