Corn: December corn rose 11 1/4 cents to $4.83 1/4, near the daily high, closed at a three-week high close and for the week up 21 1/4 cents. The corn futures market bulls had a very good week. Importantly today’s solid price rebound from Thursday’s losses, including a technically bullish weekly high close in December corn today, provide a booster shot for the bulls heading into trading next week. The highlight of the week will be the annual Pro Farmer crop tour that market participants will watch very closely all week long.
Soybeans: November soybeans rose 10 1/4 cents to $11.92 1/2, near the daily high and for the week up 16 1/4 cents. September soybean meal rose $2.80 to $310.20, near mid-range and for the week up $1.30. September bean oil rose 65 points to 69.44 cents, nearer the daily high and for the week up 120 points. The soybean complex futures got support today from solid gains in corn and wheat futures markets. Today’s technically bullish weekly high closes in beans, meal and bean oil set the table for follow-through buying from the chart-based specs early next week.
Wheat: September SRW wheat rose 22 cents to $6.74 3/4, near the daily high, hit a three-week high and for the week up 35 cents. September HRW wheat gained 33 3/4 cents to $7.54 1/4, near the daily high, hit a three-week high and for the week up 40 1/4 cents. September spring wheat futures rose 9 cents to $6.78 1/4, near mid range and for the week down 1 1/4 cents. The winter wheat futures markets today saw renewed buying interest amid worries about grain supplies coming out of the Black Sea. The technically bullish weekly high closes in HRW and SRW suggest follow-through, chart-based buying early next week.
Cotton: December cotton futures rose 130 points to 84.80 cents, nearer the daily high and closed at a three-month high close. For the week, December cotton was up 40 points. The cotton futures market today saw more chart-based buying as a price uptrend on the daily bar chart remains firmly in place. Today’s technically bullish weekly high close also gives the bulls confidence heading into trading early next week. Rallies in the grain markets today also spilled over into better buying interest in cotton futures.
Cattle: October live cattle futures fell $1.175 to $218.875, nearer the daily high, hit an eight-month low early on and for the week were down $6.40. September feeder cattle futures lost $2.65 to $334.55, nearer the daily high, hit an eight-month low early on and for the week were down $10.675. The cattle futures markets today saw some panic selling early in the session by traders that were spooked by uncertainty following news Tyson Foods “is making strategic changes to its beef operations to position the company for long-term success,” said a company press release Thursday.
Hogs: October lean hog futures fell $0.375 to $81.75, nearer the daily high, hit a six-week low early on and for the week down $0.475. Chart-based specs continue to control the futures market as technicals remain firmly bearish, including today’s bearish weekly low close in October hogs. Prices are in a downtrend on the daily bar chart. Declining cash hog prices also favor the futures bears.