Corn: March corn rose 6 1/2 cents to $4.30 1/2, nearer the daily high and hit a two-week high. For the week, December corn was up 5 3/4 cents. The corn futures market saw more short covering today and perceived bargain hunting after the weekly USDA export sales report was very impressive.
Soybeans: March soybeans rose 3 3/4 cents to $10.67 3/4 near mid-range and for the week were up 10 cents. March soybean meal rose $3.70 to $299.90, near the daily high and on the week up $9.90. March bean oil rose 21 points to 53.99 cents, nearer the session low and hit a five-month high early on. For the week, March bean oil was up 138 points. Soybean and meal futures markets closed at technically bullish weekly high closes today, which sets the table for follow-through, chart-based buying early next week.
Wheat: March SRW wheat rose 14 cents to $5.29 1/2, near the session high, hit a five-week high and for the week up 11 1/2 cents. March HRW wheat gained 15 cents to $5.40 3/4, near the daily high, closed at a two-month high close and on the week up 13 1/2 cents. March spring wheat futures rose 1 1/4 cents to $5.75, nearer the session high and for the week up 10 cents. The winter wheat futures markets were in solid rally mode today, on short covering and perceived bargain hunting.
Cotton: March cotton futures fell 7 points to 63.81 cents, near mid-range, hit a four-week low and for the week down 105 points. The cotton futures market bulls continued to fade this week, on technical selling pressure.
Cattle: February live cattle futures rose $2.525 to $234.90, nearer the daily high. For the week, February live cattle rose $2.75. March feeder cattle futures gained 90 cents to $360.175, nearer the daily high. For the week, January feeders were up $3.725. Today’s technically bullish weekly high closes in February live cattle and March feeders sets the table for some follow-through chart-based buying early next week.
Hogs: February lean hog futures fell 12 1/2 cents to $88.35, nearer the session low and for the week up 7 1/2 cents. The lean hog futures market paused today, with some mild profit taking featured from the shorter-term futures traders, after prices earlier this week hit a 3.5-month high.