Corn: December corn fell 3/4 cent to $4.41 1/2, nearer the daily low and for the week unchanged from last week’s Friday close. The heretofore beleaguered grain bulls this week appeared to be coming back to life right at a time that history shows can be price-pivotal for the markets. After a three-day U.S. Independence holiday weekend, Monday’s price action in the grain futures markets could set the tone for trading action over the next few weeks.
Soybeans: November soybeans fell 1 1/2 cents to $11.47 3/4, nearer the daily low and for the week down 8 1/2 cents. September soybean meal lost $0.40 to $303.10, near the daily low and for the week up 80 cents. September bean oil rose 3 points to 66.34 cents, near mid-range and the week down 240 points. The soybean complex futures paused on this last trading day of the holiday-shortened trading week.
Wheat: September SRW wheat fell 1/4 cent to $5.99 3/4, nearer the daily low and for the week up 10 cents. September HRW wheat rose 3 1/2 cents to $6.38 1/2, nearer the daily high and for the week up 19 cents. September spring wheat futures rose 1/4 cent to $6.18 3/4, near mid range and for the week up 13 1/2 cents. The winter wheat futures markets today saw weekly closes at or near their weekly highs, which is a price-friendly technical development for price action early next week. Harvest-related commercial hedge pressure is limiting the upside for winter wheat futures markets.
Cotton: December cotton futures fell 72 points to 77.12 cents, nearer the daily low and for the week up 74 points. The cotton futures market today saw a corrective pullback from Wednesday’s gains. Weaker U.S. stock index prices and lower crude oil prices today also weighed on cotton futures.
Cattle: August live cattle futures fell $2.60 to $239.225, near the session low, hit a three-week low and for the week down $6.60. August feeder cattle futures lost $3.525 to $360.625, near the daily low and for the week down $9.225. The cattle futures markets bulls faded badly this holiday-shortened trading week, including technically bearish weekly low closes today, which set the stage for follow-through chart-based selling pressure early next week.
Hogs: August lean hog futures rose $1.70 to $96.75, near the daily high and for the week up $2.175. The lean hog futures market posted a strong rebound today after moderate price pressure on Wednesday, to produce a technically bullish weekly high close today that keeps the chart-based bulls energized heading into trading next week.