Corn: May corn rose 4 3/4 cents to $4.67 1/4, near the daily high and closed at a 10-month high close. For the week May corn was up 6 3/4 cents. May corn futures today saw its fourth consecutive technically bullish weekly high close on a Friday, again suggesting follow-through price strength early next week from the chart-based speculators.
Soybeans: May soybeans fell 2 cents to $12.25 1/4, nearer the daily high and for the week rose 24 1/2 cents. May soybean meal rose $2.50 to $322.70, near the session high, closed at a 3.5-month-high close, and for the week up $5.50. May bean oil rose 2 points to 67.44 cents, nearer the session high and for the week up 86 points. The soybean and bean oil markets today saw some needed chart consolidation following recent good gains.
Wheat: May SRW wheat rose 15 1/4 cents to $6.13 3/4, near the daily high and for the week were down 3 cents. May HRW wheat rose 16 1/2 cents to $6.30, nearer the daily high and closed at a nine-month high close. For the week, May HRW was up 6 1/2 cents. May spring wheat futures rose 11 cents to $6.45 1/2, nearer the daily high and for the week down 1/2 cent. The winter wheat futures markets rallied today amid gains in crude oil futures and despite a stronger U.S. dollar index today that hit a 10-month high.
Cotton: May cotton futures rose 71 points to 65.85 cents, near mid-range, hit a three-week high and for the week up 165 points. The cotton futures market saw a technically bullish weekly high close today, which suggests some follow-through chart-based buying interest early next week.
Cattle: April live cattle futures fell $0.35 to $230.90, near mid-range and for the week down $3.675. March feeder cattle futures gained $1.25 to $349.475, near mid-range and for the week down $6.15. The live cattle and feeder cattle futures markets late this week mostly paused as the bulls try to stabilize the markets after recent strong selling pressure.
Hogs: April lean hog futures fell 90 cents to $93.45, nearer the daily low, hit a three-week low and for the week were down $2.175. The lean hog futures market’s technically bearish weekly low close today sets the stage for follow-through selling pressure from the chart-based speculators early next week.
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