Corn: July corn fell 7 cents to $4.17 1/2, nearer the daily low and hit another contract low. For the week, July corn was down 29 1/4 cents. The stunning selloff in corn futures continued, with today’s contract low and technically bearish weekly low close suggesting follow-through, chart-based selling early next week.
Soybeans: July soybeans fell 8 cents to $11.21 1/2, nearer the daily low, hit a four-month low and for the week were down 65 1/4 cents. July soybean meal lost $5.20 to $308.50, near the daily low, hit a nearly four-month low and for the week down $20.70. July bean oil fell 217 points to 74.12 cents, nearer the daily low and for the week down 360 points. The bearish technical postures in beans and meal, and the technically bearish weekly low closes in all three markets, set the stage for more chart-based selling pressure early next week. The rally in the U.S. dollar index was an outside-market negative for the soy complex today.
Wheat: July SRW wheat fell 1 3/4 cents to $5.80, nearer the daily low and hit a seven-week low. For the week, July SRW was down 30 1/2 cents. July HRW wheat rose 1/2 cent to $6.20 3/4, nearer the daily high, hit a seven-week low and for the week down 29 cents. September spring wheat fell a penny to $6.46 1/4 and marked a 42-cent weekly loss. The technically bearish weekly low closes today in July SRW and HRW set the stage for still more chart-based selling early next week.
Cotton: July cotton futures fell 114 points to 73.75 cents, near the session low, hit a nearly two-month low and for the week down 212 points. The cotton futures market again today was caught in the downdraft in grain futures prices.
Cattle: August live cattle futures rose $0.125 to $241.65, nearer the daily low and hit a two-week high early on. For the week, August cattle were up $2.60. August feeder cattle futures gained $0.525 to $353.90, nearer the daily low and for the week up $5.475. The cattle futures markets were boosted late in the week on notions the New World screwworm arrival on U.S. soil is price-bullish from due to potentially less cattle supplies coming to market during the peak summertime grilling season. Today’s lower-range close in cattle futures prices does give the bulls some pause heading into trading early next week.
Hogs: August lean hog futures fell $2.05 to $97.225, nearer the daily low. For the week, August hogs were down $1.125. Today’s technically bearish weekly low close also sets the table for followthrough technical selling early next week.