Corn: July corn rose 1 cent to $4.63 1/4, nearer the daily low and for the week were up 7 1/2 cents. Corn futures started out the week with a bang but ended the week with a whimper. Key for the bulls during the holiday-shortened trading week next week will be keeping July futures prices above key technical support at the May low of $4.55.
Soybeans: July soybeans rose 2 1/4 cents to $11.96 1/2, near mid-range and for the week up 19 1/2 cents. July soybean meal rose $3.50 to $331.90, nearer the daily high and for the week down $2.40. July bean oil gained 11 points to 73.98 cents, nearer the daily low and for the week up 10 points. The soybean market started the week strong but faded as the week progressed. Lingering concerns that China will not be adding to U.S. soybean purchases above those agreed upon months ago continue to hang over the soybean and meal markets after the recent Trump-Xi meeting.
Wheat: July SRW wheat fell 1 1/4 cents to $6.46 1/4, near mid-range and the week up 10 1/2 cents. July HRW wheat lost 5 cents to $6.82, nearer the daily low, hit a two-week low and for the week down 6 cents. September spring wheat futures lost 3/4 of a cent to $7.10 1/4, nearer the daily low and for the week were up 4 1/2 cents. The winter wheat futures markets bulls were out of the gate strong on Monday but then faded after that.
Cotton: July cotton futures fell 56 points to 77.42 cents, nearer the session low, hit a five-week low and for the week down 319 points. The cotton market bulls have run out of gas as prices are now trending down on the daily bar chart, which suggests a market top is in place.
Cattle: June live cattle futures rose $0.15 to $249.30, near mid-range. For the week, June cattle were down $4.60. August feeder cattle futures lost $6.675 to $349.85, near mid-range and hit a two-month low. For the week, August feeders were down $11.60. The steep downdraft in the feeder cattle futures market late this week, in which heavy profit taking and weak long liquidation were featured, also limited buying interest in live cattle futures.
Hogs: June lean hog futures rose $0.625 to $95.75, nearer the daily high. For the week, June hogs were down $3.00. The lean hog futures market paused today, following this week’s steep downdraft that drove prices to a five-month low on Thursday.