Market Recap: Profit-taking Preceding the Weekend

Posted on 04/13/2018 2:51 PM

Corn: Corn futures ended down 2 3/4 to 3 3/4 cents today. For the week, July corn lost 2 1/2 cents. December corn was down 2 cents on the week. Price action next week will likely be driven by two key elements — one potentially bullish and one potentially bearish.

Soybeans: Soybean futures faced pressure at week’s end and finished low-range and down 4 to 6 3/4 cents. For the week, the market still posted solid gains, with the May contract up 20 1/2 cents and the November contract up 16 1/4 cents. Soymeal and soyoil futures also posted losses for the day.

Wheat: Wheat futures settled roughly 11 to 12 cents lower in HRW contracts, 8 to 9 cents lower in SRW contracts and 5 to 7 cents lower in HRS contracts. For the week, May SRW wheat firmed 1/2 cent, May HRW wheat dropped 11 cents, and May HRS futures firmed 9 3/4 cents. Focus shifted away from winter wheat crop struggles in the Southern Plains as traders took profits out of the long side of the market this week.

Cotton: Cotton futures ended narrowly mixed today. The May contract finished 28 points lower, while the July contract was 35 points higher and the December contract 8 points higher. For the week, May cotton futures firmed 87 points and December cotton rose 97 points. Barring a bearish surprise, the cotton market feels like it will continue to push higher next week.

Hogs: April lean hog futures expired 47 1/2 cents lower today at $53.825. But the May through October contracts finished with gains of 17 1/2 to 45 cents on the day.  The market posted strong weekly gains, with the June contract closing $4.375 higher for the week.

Cattle: Live cattle contracts closed mixed today. April futures were 80 cents higher, while June was down a nickel and far-deferred contracts were steady to 40 cents higher. Feeder cattle contracts were up 15 to 50 cents today. For the week, June live cattle ended up $2.05. May feeders were up $5.48 on the week.

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