Corn: July corn slid 4 3/4 cents to $4.28 3/4, marking a weekly decline of 15 3/4 cents. Corn futures took a turn lower in the latter portion of today’s session, marking fresh for-the-move lows in the July contract.
Soybeans: July soybeans fell 6 3/4 cents to $10.68, giving up 1 3/4 cents on the week. July meal fell 80 cents to $284.10, and marked a $7.80 weekly loss, while July soyoil fell 30 points to 54.47 cents, a 386-point week-over-week gain. Soybeans extended last week’s RFS-driven strength, though gains faded as bulls approached the mid-May high amid technically overbought conditions.
Wheat: July SRW wheat futures fell 6 1/2 cents to $5.67 3/4 and near the daily low after hitting a nearly three-month high early on. For the week, July SRW gained 24 cents. July HRW wheat futures lost 8 cents to $5.63 1/4 and near the session low after also scoring a nearly three-month high in overnight trade. On the week, July HRW rose 22 1/2 cents. July spring wheat futures fell 7 1/2 cents to $6.38 3/4, marking a 4 1/2-cent gain on the week. The winter wheat market bulls had a very good week and Friday’s downside price corrections were not unhealthy in the fledgling price uptrends on the daily charts.
Cotton: July cotton fell 80points to 64.04 cents, and marked a 132-point weekly loss. Nearby cotton futures continued to face technical pressure to the lowest level since early April.
Cattle: August live cattle futures fell $1.85 to $209.825, near the session low and for the week down $2.625. August feeder cattle futures lost $1.725 to $302.45, near the daily low and on the week down $3.975. The cattle futures markets this week saw profit-taking from the speculators and some chart consolidation.
Hogs: July lean hog futures surged to a fresh contract high today, ultimately closing 60 cents higher to $112.775. That marked a weekly gain of $3.30. Hog futures pushed to fresh contract highs today amid ongoing strength in cash fundamentals.