Corn: July corn closed 2 1/4 cents higher to $4.49 3/4, though still plunged 19 1/4 cents in the fourth consecutive weekly decline. Corn futures saw a choppy session of trade, struggling to maintain sharp gains in the overnight session.
Soybeans: July soybeans rose 6 3/4 cents to $10.51 3/4 and for the week, gave up 6 1/4 cents. July meal fell 60 cents to $294.10, down $2.80 on the week. July soyoil fell 12 points to 48.57 cents and lost 86 points week-over-week. Soybeans rebounded to end the week but held a range inside recent consolidation as resistance at the 200-day moving average served up solid resistance.
Wheat: July SRW wheat futures fell 7 1/2 cents to $5.21 3/4, near the daily low and hit a contract low. For the week, July SRW lost 21 1/4 cents. July HRW wheat futures dropped 7 1/4 cents to $5.17 1/2, nearer the session low and hit a contract low. On the week, July HRW fell 23 3/4 cents. Spring wheat futures fell 7 1/4 cents to $5.93 1/2 and gave up 21 1/4 cents on the week. Look for follow-through technical selling pressure from the speculators early next week, following this week’s dismal price action.
Cotton: July cotton fell 8 points to 66.61 cents, marking a 180-point weekly loss. Cotton futures faced pressure this week but ended the week on a quiet note ahead of weekend talks between the U.S. and China.
Cattle: June live cattle futures rose 42 1/2 cents to $214.675 and hit a contract high. For the week, June live cattle gained $3.575. August feeder cattle futures fell 95 cents to $300.30 after also hitting a contract high early on. For the week, August feeders rose $3.40. The strong bulls markets in cattle futures roll on, with no early chart clues to suggest market tops are close at hand.
Hogs: June lean hog futures closed 40 cents higher to $97.575 today, though still lost $1.775 on the week. Lean hog futures saw some strength late in the session, contrary to livestock futures which pulled off session highs.