After the Bell -- Rough Week for Grain, Soy Futures

Posted on 08/24/2018 3:19 PM

Corn: Corn prices pared gains in a quiet end to the week. Corn rose 1 3/4 cents to close at $3.62 3/4 and down 16 cents this week. The market fell to the lowest in a month this week and that may be enough to generate some fresh demand. The supply side of the market is well known at this point and some early harvest results may start to filter into the market this coming week.

Soybeans: Soybean selling dried up Friday after earlier declines this week, waiting for details of the U.S. government’s tariff aid package next week. There’s been talk of payments of as much as $1.65/bu. to producers. Worries are that farmers would sell beans from a harvest that will be record large.  November soybeans closed up 1 ½ cents at $8.8.55 ¼, for a weekly loss of 37 1/2 cents. December soybean meal fell $16.10 this week to close at $316.30 for 2,000 pounds.

Wheat: Winter wheat futures prices finished the day 5 to 8 cents lower, hitting four-week lows, closing near the daily lows and scoring technically bearish weekly low closes today. Spring wheat futures tumbled roughly 9 cents today. Wheat futures sustained serious near-term technical damage this week that will likely lead to some followthrough technical pressure early next week

Cotton: Cotton futures enjoyed some corrective trade to close out the week and settled 8 to 14 points higher in the front two contracts and 11 to 52 points lower in deferreds. Cotton futures faced pressure this week as the market came to the realization that no swift solution was likely on the U.S./China trade front and that the 25% duties on imports of U.S. cotton will likely remain in place at least until November.

Hogs: October lean hogs ended 60 cents higher today, while December hogs were up 35 cents. For the week, the October contract lost $6.825. This week's downdraft in prices suggests futures will face followthrough selling next week.

Cattle: Live cattle futures closed down $2.025 and $1.775 in the October and December contracts, respectively. Prices hit five-week lows and closed at technically bearish weekly low closes today. For the week, October live cattle futures lost $3.175. October feeder cattle futures lost $3.375and November feeders were down $4.675. Both contracts also hit six-week lows and closed at bearish weekly low closes today.  

 

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