Corn: December corn fell 4 3/4 cents to $4.23 1/4, nearer the daily low and for the week gained 3/4 cent. Today’s losses did somewhat dent bullish enthusiasm in the corn market. Today’s selling pressure in corn likely stemmed in part from limit-down losses in the cattle futures markets today.
Soybeans: January soybeans fell 1 3/4 cent to $10.60 1/4, nearer the session low hitting a five-week high early on. For the week, January beans rose 23 1/2 cents. December soybean meal rose $1.80 to $294.10, nearer the daily high and hit a seven-week high. On the week, December meal gained $13.10. December bean oil fell 60 points to 50.27 cents, nearer the session low and for the week down 86 points. It was a very good week for the soybean and meal futures bulls, including today’s technically bullish weekly high close December meal.
Wheat: December SRW wheat fell 1/2 cent to $5.12 1/2, near mid-range and hit a nearly three-week high. For the week, December SRW was up 8 3/4 cents. December HRW wheat gained 1 1/2 cents to $5.01 1/2, near mid-range, hit a three-week high and up 10 cents for the week. December spring wheat futures fell 1 cent to $5.57, near mid-range, but up 8 1/2 cents on the week. The technically bullish weekly high close in December HRW markets for the second Friday in a row today sets up follow-through buying interest from the chart-based speculators in both markets early next week.
Cotton: December cotton futures rose 13 points to 64.20 cents, nearer the session high and for the week down 8 points. The cotton futures market has recently shown signs of bottoming. Yet, the bulls cannot muster the strength to pull prices out of a six-month old downtrend on the daily bar chart.
Cattle: December live cattle futures fell the $7.25 daily trading limit to $232.925 and hit a three-week low. For the week, December live cattle futures were down $7.90. January feeder cattle futures closed down the daily limit of $9.25 to $348.175, hit a three-week low and for the week down $21.125. Cattle futures’ daily trading limits will be expanded Monday. Cattle futures traders were badly spooked today by news Mexico’s agriculture minister will travel to Washington, D.C. next week with the aim of reaching an agreement on the reopening of the border to Mexican cattle amid an outbreak of the flesh-eating screwworm parasite, President Claudia Sheinbaum said on Thursday and as reported by Reuters.
Hogs: December lean hog futures rose 12 1/2 cents to $81.90, nearer the session low and hit a nine-week low early on. For the week, December hogs were down 47 1/2 cents. The lean hog futures market fared pretty well today in the face of the steep price downdrafts and limit-down trades in the cattle futures markets today.