Corn: March corn futures surged 9 3/4 cents to $4.84 1/4, closing near session highs. That marked a 14 1/4 cent gain on the week. Corn futures surged higher after consolidating for most of the week, ending the week at the highest level in seven months.
Soybeans: March soybeans rose 15 cents to $10.34 and gained 8 3/4 cents on the week. March soymeal closed up $2.80 to $297.20 but gave up $1.10 from a week ago. March soyoil rose 66 points to 45.69 cents but marked an 11-point weekly loss. Soybeans took back a portion of Thursday’s losses, with strength in corn spurring general support across the ag complex.
Wheat: March SRW futures closed 1 1/4 cents higher to $5.38 3/4 and settled near mid-range. That marked an 8 1/2 cent gain on the week. March HRW futures rose 1/4 cent to $5.48 1/2 though lost 3 1/4 cents on the week. March HRS futures rose 2 cents to $5.83 1/2 but fell 3/4 cent on the week. Wheat futures saw modest spillover strength from the corn and soybean markets today but continue to be a laggard.
Cotton: March cotton rose 87 points to 67.60, marking a weekly gain of 59 points. The downtrend in cotton futures has been quite pronounced in recent months, with strong technical resistance, ample global supplies, a robust U.S. dollar and lackluster export demand casting a shadow over the natural fiber.
Cattle: Cattle and feeder futures traded mixed-to-lower on Friday. One exception was the nearby February live cattle contract, which rose 15 cents to $196.75. That represented a weekly drop of $2.025. Expiring January feeder futures inched up five cents to $273.50, while most-active March rallied 32.5 cents to $268.05. That marked a weekly decline of $1.35. This week’s futures action seemingly set the stage for fresh cattle futures weakness next week.
Hogs: Hog futures ended the week poorly despite cash and wholesale market firmness. Nearby February futures settled at $81.125, down $1.175 on the day and $1.425 on the week. History suggests the cash hog and wholesale pork markets will continue firming next week, since seasonal forces imply supplies will continue diminishing while demand improves.