Market Recap: Buying Interest Fizzles in Corn, Soybeans and Wheat

Posted on 04/20/2018 2:57 PM

Corn: Corn futures faced pressure leading up to the weekend and futures finished 5 1/2 cents lower in all 2018 contracts. The May contract finished 9 3/4 cents lower on the week, while the December contract closed 8 1/4 cents lower. Temperatures have warmed a bit across the Midwest, helping to melt snow, and conditions have been drier in many areas.

Soybeans: Soybean futures settled 7 to 8 1/2 cents lower through the November contract. For the week, May beans dropped 22 1/2 cents, while November beans faded 14 1/2 cents. Bulls lost momentum in the soybean market this week. With futures ending near weekly lows, that points to additional price pressure next week.

Wheat: Winter wheat futures finished the day low-range and down 12 1/4 to 13 1/2 cents. Spring wheat was off 10 1/2 to 13 1/2 cents today, which was also near the daily lows. For the week, May SRW wheat was down 9 1/4 cents. May HRW was down 13 cents. The late-week meltdown in the wheat futures markets, including technically bearish weekly low closes today, sets the stage for some more price weakness early next week.

Cotton: May cotton closed up 250 points to produce a bullish weekly high close today. For the week, May cotton gained 206 points. December cotton gained 84 points today and hit a new contract high. For the week, the contract rose 52 points. Friday’s strong rally sets the stage for followthrough buying strength early next week.

Hogs: Lean hog futures settled 20 to 67 1/2 cents lower through the August contract. For the week, June hog futures slipped a dime. The cash hog market strengthened this week, but there was little response in futures because of the big premium summer-month contracts already hold to the cash index.

Cattle: Cattle futures faced followthrough pressure early this morning, but as the day progressed buyers returned to the market and the futures ultimately ended high-range with live cattle up 50 cents to $1.55 and feeder cattle up 7 1/2 to 90 cents. Most live cattle contracts edged out modest gains for the week, while feeders posted light weekly losses. Today’s Cattle on Feed Report came in generally as expected.

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