Corn: July corn rose 1 cent to $4.12 3/4, near mid-range and hit another contract low early on. For the week, July corn was down 4 3/4 cents. Corn market bears are peering over the horizon, weather-wise, and seeing extended forecasts for the Corn Belt that are reaching out into early July—with no significant weather perils seen for the U.S. corn crop. In just one month’s time the grain markets have pivoted from firmly bullish to firmly bearish.
Soybeans: July soybeans fell 1 1/2 cents to $11.13 1/2, near mid-range and for the week down 8 cents. July soybean meal lost $0.40 to $301.30, near the daily low and for the week down $7.20. July bean oil lost 17 points to 74.28 cents, nearer the daily high after hitting a six-week low early on. For the week, July bean oil was up 16 points. The soybean and meal markets remain trapped in downtrends on the daily bar charts, including a bearish pennant pattern that has formed in July meal. Bean oil is holding its own at higher levels, even though the near-term price uptrend has been negated. Weather in the Midwest still leans firmly price-bearish for the soy complex markets.
Wheat: July SRW fell 2 1/4 cents to $5.84 1/2, near mid-range and for the week up 4 1/2 cents. July HRW wheat lost 1/4 cent to $6.34 1/2, near mid-range and for the week up 13 3/4 cents. September spring wheat futures fell 3 1/2 cents to $6.42, at the daily low and for the week down 4 1/4 cents. The winter wheat futures markets this past week saw price stability, which is a win for the bullish camp. However, the corn and soybean futures markets are still looking heavy. It’s likely the wheat markets will look to the daily price action in corn and soybeans in the near term, as U.S. growing weather is on the fundamental front burner for those two crops.
Cotton: July cotton futures rose 45 points to 72.94 cents, nearer the session high and for the week down 81 points. The cotton futures market saw some short covering late this week. However, prices are still in a downtrend on the daily bar chart, which will continue to invite the technically oriented specs to the short side next week.
Cattle: August live cattle futures fell $1.50 to $241.175, near mid-range and for the week down 47 1/2 cents. August feeder cattle futures lost $2.225 to $357.425, near mid-range and for the week up $3.525. The cattle futures markets have turned choppy lately, as traders digest the potential ramifications of New World screwworm on the U.S. cattle industry. On up days in futures prices, it appears the potential for less cattle supplies coming to market come to center-stage. On down days in cattle futures markets, the keen uncertainty regarding the NWS matter, including consumer attitudes toward NWS, seem to prevail.
Hogs: August lean hog futures rose $0.45 to $96.35, near mid-range and for the week down 87 1/2 cents. The lean hog futures market saw tepid short covering in a bear market today. Chart-based specs are still primed to play the short side in the near term as a price downtrend remains firmly in place on the daily bar chart.