Corn: December corn fell 3 1/2 cents to $5.30 1/4, nearer the session low and for the week down 6 1/2 cents. The corn futures market gyrated on both sides of unchanged after the release of today’s USDA WASDE report, which was a mixed bag. USDA cut its U.S. corn production estimate 213 million bu. from last month.
Soybeans: November soybeans fell 35 3/4 cents to $12.96 1/2, near the daily low after hitting a contract high earlier in the session. For the week, November beans were down 13 1/4 cents. December soybean meal fell $4.10 to $352.80, nearer the daily low and for the week down $2.30. December bean oil lost 224 points to 69.68 cents, near the daily low and for the week up 41 points. The soybean complex futures markets today saw heavy profit-taking pressure and weak long liquidation after today’s monthly WASDE report from USDA favored the bearish camp. Today’s technically bearish “key reversal” down on the daily bar chart and weekly low close will give the chart-based speculators confidence heading into trading early next week.
Wheat: December SRW wheat fell 16 cents to $7.25 1/4, nearer the daily low, hit a nearly three-week low and for the week down 8 3/4 cents. December HRW wheat lost 20 1/4 cents to $7.98 1/2, nearer the daily low, hit a nearly three-week low and for the week down 3 3/4 cents. December spring wheat futures fell 17 1/2 cents to $7.45, nearer the daily low and for the week closed unchanged. The winter wheat futures markets saw more profit-taking pressure today, as well as weak long liquidation. Today’s technically bearish weekly low closes set the table for some follow-through technical selling early next week.
Cotton: December cotton futures fell 216 points to 86.06 cents, nearer the daily low, closed at a three-week low close and for the week down 27 points. The cotton futures market today saw heavy profit-taking pressure. The technically bearish weekly low close today sets the stage for some follow-through, chart-based selling pressure early next week.
Cattle: October live cattle futures rose $1.85 to $219.675, nearer the session high, hit a three-week high and for the week up $6.725. November feeder cattle futures gained $5.40 to $328.175, near the daily high, hit a four-week high and for the week up $13.45. The cattle futures markets bulls had a very good holiday-shortened trading week, including technically bullish weekly high closes today that suggest follow-through, chart-based buying interest early next week.
Hogs: October lean hog futures fell $1.625 to $81.525, near the daily low for the week down 77 1/2 cents. The hog futures market saw more profit-taking from the shorter-term spec traders today, to produce a technically bearish weekly low close that suggests some follow-through, chart based selling pressure early next week.