Corn: December corn rose 10 1/4 cents to $4.30, near the daily high and hit a seven-week high. Prices closed at a technically bullish weekly high close today. For the week, December corn gained 12 cents. The corn market bulls were hoping a big U.S. corn crop was already factored into futures prices and it appears they got their wish.
Soybeans: November soybeans gained 12 3/4 cents to $10.46 1/4, nearer the daily high and the week up19 1/4 cents. December soybean meal rose 90 cents to $288.60, near the daily low and for the week up $4.60.December bean oil rose 57 points to 52.17 cents, nearer the daily high and for the week up 94 points. Today’s technically bullish weekly high closes in November soybeans and December bean oil set the stage for follow-through, chart-based buying early next week.
Wheat: December SRW wheat rose 2 cents to $5.23 1/2, near the session high and for the week up 4 1/4 cents. December HRW wheat gained 4 3/4 cents to $5.14 3/4, near the daily high up 9 1/2 cents for the week. Spring wheat December futures increased 3/4 of a cent to $5.71 3/4 and were up 3 3/4 cents for the week. The winter wheat futures markets got some modest support from good gains in corn and soybean futures today.
Cotton: December cotton futures rose 11 points to 66.83 cents and nearer the daily high. For the week, December cotton rose 80 points. Cotton bulls got little traction from a mildly friendly USDA supply and demand report today.
Cattle: October live cattle futures fell $2.30 to $229.975, near the daily low, hit a four-week low and for the week were down $6.00. September feeder cattle futures lost $4.825 to $350.40, near the daily low, hit a four-week low and for the week were down $9.425. Both markets closed at technically bearish weekly low closes today. The cattle futures bulls fizzled to end the trading week, which gives the speculative bears some momentum heading into trading early next week.
Hogs: October lean hog futures fell $1.05 to $97.125, nearer the daily low. For the week, October hogs gained $1.10. The lean hog futures market today saw routine profit-taking pressure from recent gains that on Thursday pushed prices to a contract high.