Corn: March corn fell 2 1/2 cents to $4.44 3/4 and nearer the daily low. For the week, December corn was down 3 cents. Corn futures are right in the middle of a choppy trading range, suggesting more of the same sideways and choppy trading in the near term.
Soybeans: January soybeans fell 14 1/4 cents to $11.05 1/4, near the daily low, hit a four-week low and for the week down 32 1/2 cents. January soybean meal today hit a four-week low and closed down $3.80 at $307.40, near the session low and on the week down $11.30. January bean oil lost 10 points to 51.69 cents, near the daily low and for the week down 36 points. The soybean and meal futures markets bulls faded again this week, to suggest near-term market tops are in place.
Wheat: March SRW wheat fell 4 1/2 cents to $5.35 3/4, nearer the daily low and for the week down 2 3/4 cents. March HRW wheat fell 2 3/4 cents to $5.31 1/4, nearer the daily low and the week up 3 3/4 cents. March spring wheat futures were unchanged today, closing nearer the daily low and for the week was down 5 cents. The winter wheat market bulls have seen choppy and sideways price action the past two weeks but remain trapped in price downtrends on the daily bar charts.
Cotton: March cotton futures fell 15 points to 63.93 cents, nearer the daily low hit a two-week low today. For the week, December cotton lost 78 points. The cotton market’s solidly bearish near-term technical posture does not bode well for futures price action next week, especially after today’s technically bearish weekly low close in March cotton.
Cattle: February live cattle futures rose $3.15 to $227.15, near the daily high and hit a three-week high. For the week, February live cattle rose $11.225. January feeder cattle futures closed up $2.475 at $339.05, nearer the daily low and hit a four-week high early on. For the week, January feeders were up $15.075. It was a very good week for the cattle futures markets bulls, including technically bullish weekly high closes today that set the stage for follow-through technical buying early next week.
Hogs: February lean hog futures rose 42 1/2 cents to $82.275, near mid-range, hit a three-week high early on and for the week up $1.275. Today’s technically bullish weekly high close and much-improved near-term chart posture for lean hog futures sets the table for more speculator buying interest next week.