Corn: July corn climbed 6 cents to $4.44 1/2 and closed near session highs. That marked a 2 cent gain on the week. Corn futures forged a slow climb as soybeans shot higher this morning, but eventually posted solid gains on the session and closed at the highest mark so far this month.
Soybeans: July soybeans rallied 27 1/2 cents to $10.69 3/4, marking the first back-to-back weekly gain since January. July meal fell $2.60 to $291.90 and down $3.80 for the week, while July soyoil closed up the 300-point limit at 50.61 cents, and scored a 311-point weekly gain. Recirculated rumors of a lower biodiesel mandate were squashed today, as EPA proposed record RFS levels early this morning.
Wheat: July SRW wheat futures rose 17 1/4 cents to $5.43 3/4 and near the daily high. For the week, July SRW fell 11 cents. July HRW wheat gained 18 cents to $5.40 3/4 and near the daily high. On the week, July HRW fell 9 1/2 cents. Both markets hit four-week lows early on today. July spring wheat futures rose 13 1/2 cents to $6.34 1/4, but lost a penny on the week. The wheat futures markets were boosted today by short covering and by gains in corn and solid gains in soybean futures.
Cotton: July cotton rose 22 points to 65.36 cents, but lost 26 points on the week. Cotton futures continued to edge sideways in consolidative trade, despite surging crude oil as technical resistance continues to crimp buyer interest.
Cattle: August live cattle futures fell $4.50 to $212.45 and near the daily low. On the week, August cattle fell $6.425. August feeder cattle futures lost $4.825 at $306.425 and near the session low. For the week, August feeders fell $3.725. The cattle futures markets today saw heavy profit-taking pressure after hitting record highs earlier in the week.
Hogs: June lean hogs expired at noon today a nickel higher. June futures closed 57.5 cents higher and near session highs, marking a $2.375 gain on the week. July hog futures traded sharply lower early on today before eventually rebounded and closing near session and contract highs.