Corn: December corn rose 1/4 cent to $4.24, nearer the daily low. For the week, December corn lost 6 cents. Today’s close near the weekly low in December corn futures sets the speculative bears up for some chart-based selling pressure early next week.
Soybeans: November soybeans fell 12 cents to $10.25 1/2, nearer the daily low and on the week down 20 3/4 cents. December soybean meal lost 70 cents to $284.00, near the daily low and for the week down $4.60. December bean oil fell 51 points to 50.62 cents, near the daily low and for the week down 155 points. The soy complex bulls laid an egg late this week after some promising price action early this week.
Wheat: December SRW wheat fell 1 3/4 cents to $5.22 1/2, near mid-range and for the week down 1 cent. December HRW wheat lost 2 3/4 cents to $5.07 1/4, near mid-range and down 7 1/2 cents for the week. December spring wheat futures fell 4 1/4 cents to $5.67 1/2 and gave up 4 1/4 cents on the week. The winter wheat futures markets earlier this week showed some bullish promise but the bulls faded down the stretch late this week and proceeded to lose all their early-week gains and then some.
Cotton: December cotton futures fell 61 points to 66.29 cents and near the daily low. For the week, December cotton fell 54 points. The cotton futures market bulls faded badly to end the week, with today’s technically bearish weekly low close setting the speculative bears up for follow-through, chart-based selling early next week.
Cattle: October live cattle futures rose $1.20 to $233.575, nearer the daily high and for the week up $3.60. September feeder cattle futures rose 97 1/2 cents to $359.15, nearer the daily high and for the week up $8.75. The live and feeder cattle futures markets closed out the trading week today at or near their weekly highs. That’s a positive technical signal heading into trading next Monday.
Hogs: October lean hog futures rose 50 cents to $97.975, nearer the daily high. For the week, October hogs rose 85 cents. After October lean hog futures scored a contract high on Tuesday, the market spent the rest of the week in consolidation mode, which is not bearish.