Corn: July corn rose 5 1/2 cents to $4.80 1/4, nearer the daily high and closed at a 13-month high close. For the week, July corn was up 16 3/4 cents. Corn futures bulls had a solid week as prices are trending up on the daily bar chart. Today’s technically bullish weekly high close and a price uptrend in place on the daily bar chart suggest more chart-based buying interest from the speculators next week.
Soybeans: July soybeans rose 7 3/4 cents to $12.03 1/4, near the daily high, closed at a six-week high close, and for the week up 24 3/4 cents. July soybean meal rose $0.40 to $319.30, near mid-range and for the week up $0.20. July bean oil gained 62 points to 75.16 cents, near the daily high, hit a contract high, and for the week up 383 points. The soybean market showed bullish promise this week as prices are now in a fledgling uptrend on the daily bar chart.
Wheat: July SRW wheat rose 1 cent to $6.37 3/4, nearer the daily low and the week up 21 cents. July HRW wheat gained 1 cent to $6.94 1/2, nearer the daily low and for the week up 24 3/4 cents. July spring wheat futures fell 1 3/4 cents to $7.04, near the daily low and for the week up 10 3/4 cents. The winter wheat futures market saw some routine profit-taking pressure Thursday but the bulls bounced back today, although they did fade a bit to end the trading session.
Cotton: July cotton futures rose 199 points to 84.19 cents, near the session high, hit a contract high, and for the week up 483 points. The cotton futures market bulls paused early in the week and then hit the gas to end the week, as this major bull run rolls on with no strong, early technical clues to suggest the price uptrend will end any time soon.
Cattle: June live cattle futures fell $1.00 to $253.00, near the daily low after hitting a contract and record high early on. For the week, June cattle were up $7.775. May feeder cattle futures fell $1.25 to $371.40, near the daily low and hit a contract high early on. For the week, May feeders were up $10.50. The live cattle and feeder cattle futures markets bulls had a very good trading week, amid sharply higher cash cattle trade that developed after mid-week.
Hogs: June lean hog futures fell $1.00 to $101.275, near mid-range and for the week down 62 1/2 cents. The lean hog futures market bulls fizzled to end the trading week, after showing some impressive but brief strength at mid-week.