Corn: December corn fell 1 cent to $4.25 1/2, hit a nearly four-week low and closed nearer the daily low. For the week, December corn was down 4 3/4 cents. Corn futures bulls faded badly this week, including today’s technically bearish weekly low close that sets the table for more chart-based speculator selling interest early next week.
Soybeans: After hitting a two-week low early on today, January soybeans rose 2 1/2 cents to $11.25, near the daily high and for the week up 1/2 cent. December soybean meal today hit a two-week low early on and closed up $1.10 at $315.10, near mid-range and on the week down $7.40. December bean oil fell 40 points to 50.26 cents, near mid-range and hit a two-week low. For the week, December meal rose 11 points. The soybean and meal futures markets bulls faded badly this week, after starting the week on a strong note, to begin to suggest near-term market tops are in place.
Wheat: December SRW wheat closed unchanged at $5.27, nearer the daily high and for the week down 17 1/4 cents. December HRW wheat gained 4 3/4 cents to $5.11, nearer the daily high after hitting a four-week low early on. For the week, December HRW lost 4 1/4 cents. December spring wheat futures fell 7 3/4 cents to $5.65, near the daily low. For the week, December spring wheat was down a 1/4 of a cent. The winter wheat market bulls have lost momentum, especially in SRW, and the bulls need to show some power early next week to keep the markets stabilized and to keep the spec sellers at bay.
Cotton: December cotton futures fell 33 points to 61.35 cents, nearer the daily low and hit a new contract low today. For the week, December cotton lost 114 points. The cotton market’s solidly bearish near-term technical posture does not bode well for futures price action next week.
Cattle: December live cattle futures fell 27 1/2 cents to $214.45, nearer the daily high after hitting a 4.5-month low early on. For the week, December live cattle were down $4.70. January feeder cattle futures closed down $2.15 at $314.225, nearer the daily high and hit a 4.5-month low. For the week, January feeders were down $6.325. The cattle futures markets saw stronger selling pressure early in the session, due in part to news the U.S. was dropping import tariffs on several Brazilian food products, including beef.
Hogs: December lean hog futures fell $1.675 to $77.80, near the session low and for the week down 70 cents. The lean hog futures market today saw renewed technical selling as the near-term technical posture remains firmly bearish.