Corn: July corn ended the day down 3 1/2 cents to $4.59 1/2 but still marked a weekly gain of 16 cents. Corn saw modest profit-taking overnight before selling efforts accelerated early this morning following reports that President Trump is looking to increase tariffs on the European Union to 50%.
Soybeans: July soybeans closed 7 1/4 cents lower at $10.60 1/4 but marked a weekly gain of 10 1/4 cents. Soybeans gave up yesterday’s gains and then some following President Trump’s announcement regarding tariffs on the EU.
Wheat: July SRW wheat futures fell 2 cents to $5.42 1/2, near mid-range and for the week up 17 1/2 cents. July HRW wheat futures dipped 1 1/4 cent to $5.38 3/4, near mid-range and for the week up 22 1/4 cents. Spring wheat futures saw relative strength, rising 6 1/4 cents to $6.06 1/2, marking a 33 1/4 cent gain on the week. The wheat futures markets late this week took a routine and not unhealthy pause from recent good price gains that suggest market bottoms are in place.
Cotton: July cotton futures rose 48 points to 66.11 cents and up 122 points on the week. The technically bullish weekly high close in July cotton futures Friday sets the table for some follow-through, chart-based buying interest from the speculators next Tuesday.
Cattle: June live cattle futures rose 17 1/2 cents to $215.80 and nearer the daily high. For the week June cattle rose $3.575. August feeder cattle futures gained 60 cents to $300.375, nearer the daily high and for the week up $2.775. It was not a bad day in the cattle futures markets Friday, given the keener risk aversion in the marketplace following social media posts Friday morning from President Trump that sunk the U.S. stock market.
Hogs: June lean hog futures slid 40 cents to $98.30 and ended the week down $2.025. Lean hogs opened lower but saw little followthrough selling pressure today as prices have been supported by firming cash fundamentals.