Corn: December corn fell 4 1/2 cents to $4.64, nearer the daily low, hit a two-week low and for the week down 23 1/4 cents. The corn futures market bulls stumbled badly this week, including today’s technically bearish weekly low close, to suggest the summertime rally has run its course. Wetter weather forecasts for the drier western Corn Belt are also bearish for prices.
Soybeans: November soybeans fell 1 1/4 cents to $11.87 1/2, near mid-range, hit a three-week low and for the week down 66 cents. September soybean meal lost $2.60 to $314.90, near mid-range, hit a three-week low and for the week down $15.90. September bean oil fell 96 points to 67.26 cents, nearer the daily low, hit a four-week low and for the week down 621 points. The soybean complex futures markets bulls faded badly this week, to suggest the summertime highs will not be revisited in the near term. It’s very likely going to take a U.S. soybean crop weather market scare in August to reignite bullish enthusiasm in beans and meal.
Wheat: September SRW wheat lost 24 1/4 cents to $6.39 1/4, nearer the daily low, hit a three-week low and for the week down 38 3/4 cents. September HRW wheat fell 23 1/4 cents to $7.07 1/2, nearer the daily low, hit a nearly three-week low and for the week down 37 3/4 cents. September spring wheat futures fell 21 3/4 cents to $6.89 3/4, near the daily low and for the week down 24 1/2 cents. The winter wheat futures markets today saw more profit-taking pressure and weak long liquidation from the speculators. Today’s technically bearish weekly low closes set the markets up for follow-through, chart-based selling pressure early next week.
Cotton: December cotton futures rose 112 points to 81.79 cents, nearer the daily high, closed at a nine-week high close, and for the week up 181 points. The cotton futures market today saw chart-based buying as a price uptrend on the daily bar chart remains in place. Today’s technically bullish weekly high close also gives the bulls confidence heading into trading early next week.
Cattle: August live cattle futures rose $0.525 to $231.75, near mid-range, hit a two-week high and for the week up $4.50. August feeder cattle futures gained $1.55 to $348.025, near mid-range and for the week up $2.70. The cattle futures markets today saw more short covering and perceived bargain hunting from the speculators. This week’s price gains in the cattle futures markets, including today’s technically bullish weekly high closes, begin to suggest price bottoms are in place.
Hogs: August lean hog futures rose $0.425 to $98.85, near mid-range and for the week down $4.00. The lean hog futures market today saw a mild corrective rebound but suffered strong losses Wednesday and Thursday that produced near-term technical damage to suggest a price top is in place. The cash hog market is also looking toppy.