Corn: May corn fell 3 cents to $4.41, near mid-range and hit a six-week low. For the week, May corn was down 11 1/4 cents. May corn futures today saw a technically bearish weekly low close to suggest more chart-based selling pressure from the speculators early next week.
Soybeans: May soybeans rose 10 1/2 cents to $11.75 3/4, nearer the daily high, closed at a nearly four-week high close and for the week up 12 1/4 cents. May soybean meal soared $14.20 to $331.80, nearer the session high, hit a three-week high and for the week up $16.60. May bean oil lost 61 points to 67.09 cents, near mid-range and for the week down 185 points. The soybean meal market was the stellar performer of the grains complex today, posting the largest daily gain in months.
Wheat: May SRW wheat fell 3 1/2 cents to $5.71, nearer the session low, hit a five-week low early on, and for the week were down 27 1/4 cents. May HRW wheat gained 1/4 cent to $5.90 3/4, near mid-range and hit a five-week low early on. For the week, May HRW was down 25 cents. May spring wheat futures fell 6 3/4 cents to $6.11 1/2, nearer the daily low, and for the week were down 35 1/4 cents. The winter wheat futures market bears are on the ropes amid the recent price slump that saw May SRW close at a technically bearish weekly low close today.
Cotton: May cotton futures fell 4 points to 73.22 cents, nearer the session high after hitting a 12-month high early on. For the week, May cotton was up 230 points. The cotton futures market continues to trek north and to confound the naysayers.
Cattle: June live cattle futures rose $2.00 to $249.20, near the daily high, hit a contract high and for the week up $2.875. May feeder cattle futures gained $1.925 to $372.35, nearer the session high, hit a 5.5-month high and for the week up $1.725. The live cattle and feeder cattle futures markets once again finished this week strong, including technically bullish weekly high closes that suggest follow-through buying strength early next week. Technical buying was featured again today.
Hogs: June lean hog futures fell $0.40 to $103.725, near mid-range and hit a two-week low. For the week, June hogs were down $0.75. The lean hog futures market today saw a technically bearish weekly low close, which sets the table for follow-through chart-based selling pressure from the speculators early next week.