Corn: December corn rose 3/4 cent to $4.22 1/2, near mid-range, hit a three-week high and for the week gained 9 1/2 cents. The bulls had a good week, including today’s technically bullish weekly high close in December corn.
Soybeans: November soybeans rose 8 3/4 cents to $10.19 1/2, near the session high and on the week up 12 3/4 cents. December soybean meal rose $4.10 to $281.00, near the daily high and closed at a four-week high close. On the week, December meal gained $6.00. December bean oil rose 26 points to 51.13 cents, nearer the session high and for the week up 116 points. It was a good week for the soybean futures complex bulls. Today’s technically bullish weekly high closes in beans, meal and bean oil suggest follow-through, chart-based speculator buying interest early next week.
Wheat: December SRW wheat rose 1 1/4 cents to $5.03 3/4, near the daily high. For the week, December SRW was up 5 1/4 cents. December HRW wheat gained 2 3/4 cents to $4.91 1/2, near the daily high and up 8 1/2 cents for the week. December spring wheat futures fell 1 cent to $5.48 1/2, nearer the daily low. For the week spring wheat is down 3 1/4 cents. The technically bullish weekly high closes in December SRW and HRW markets today sets the table for some follow-through buying interest from the chart-based speculators early next week.
Cotton: December cotton futures rose 55 points to 64.28 cents, nearer the session high and for the week up 44 points. The cotton futures market this week showed signs of bottoming, including a technically bullish selling exhaustion tail on the daily bar chart for December futures.
Cattle: December live cattle futures fell $6.05 to $241.825, near the daily low and for the week down 70 cents. November feeder cattle futures closed down the daily limit of $9.25 to $371.70 and for the week down $4.20. Cattle futures’ daily trading limits will be expanded Monday. Cattle futures traders were badly spooked today by the announcement Thursday afternoon by President Trump that his administration is working on lowering beef prices at the meat counter.
Hogs: December lean hog futures fell 22 1/2 cents to $82.375, nearer the daily low and hit a two-month low. For the week, December hogs were down $1.65. December lean hogs today saw a technically bearish weekly low close for the second Friday in a row, which will further encourage the chart-based bears to play the short side early next week