Corn: December corn fell 1 1/2 cent to $4.27 1/4, near the daily low and for the week down 4 1/4 cents. Today’s technically bearish weekly low close in December corn futures will put the bulls on the defensive early next week.
Soybeans: January soybeans rose 9 1/2 cents to $11.17, near the daily high and for the week up 1 3/4 cents. December soybean meal rose $4.40 to $317.10, near the daily high and on the week down $4.50. December bean oil rose 33 points to 49.68 cents, nearer the daily high and for the week up 100 points. The soybean and meal futures bulls showed rebounding price strength to end the trading week, which is important given the solid losses posted Thursday.
Wheat: December SRW wheat fell 7 3/4 cents to $5.27 3/4, nearer the daily low and for the week down 6 1/4 cents. December HRW wheat lost 3 cents to $5.19 1/4, nearer the daily low and down 5 1/4 cents for the week. December spring wheat futures gained 1 cent to $5.58, nearer to the daily low. For the week spring wheat was up 5 cents. Today’s follow-through selling pressure from Thursday’s losses, including technically bearish weekly low closes in December SRW and HRW, set the stage for follow-through technical selling pressure early next week.
Cotton: December cotton futures fell 92 points to 63.62 cents, near the session low and for the week down 192 points. The cotton market bulls laid an egg this week, allowing today’s technically bearish weekly low close that sets the table for follow-through, chart-based selling from the speculators early next week.
Cattle: December live cattle futures rose $2.575 to $221.35, near mid-range and for the week down $8.325. January feeder cattle futures closed up $3.975 to $319.575, near mid-range and for the week were down $12.35. The cattle futures markets today saw short-covering reprieves from their recent price downdrafts.
Hogs: December lean hog futures rose 42 1/2 cents to $79.40, nearer the daily high after hitting a nearly four-month low early on. For the week, December hogs were down $1.325. The lean hog futures market today got a tepid short-covering reprieve from the steady technical selling pressure that has been in place the past month.