Corn: December corn fell 3 cents to $5.27 1/2, nearer the session low, closed at a three-week-low close, and for the week down 2 3/4 cents. The corn futures market saw a technically bearish weekly low close today, setting the stage for some follow-through chart-based selling from the specs early next week.
Soybeans: November soybeans fell 16 1/4 cents to $13.03 1/2, nearer the daily low and for the week up 7 cents. December soybean meal fell $12.70 to $358.60, nearer the daily low and for the week up $5.80. December bean oil lost 93 points to 68.22 cents, near the daily low and for the week down 146 points. The soybean and meal futures markets today saw profit-taking pressure and weak long liquidation, led by meal. Veteran traders had a good idea that meal had come too far, too fast, and was due for a day like today. The technically bearish weekly low close in November beans and December bean oil will keep the bears confident heading into trading early next week.
Wheat: December SRW wheat fell 12 3/4 cents to $7.14 1/4, nearer the daily low, closed at a three-week low close and for the week down 11 cents. December HRW wheat lost 10 3/4 cents to $7.83 3/4, nearer the daily low and also closed at a three-week low close, and for the week down 14 3/4 cents. December spring wheat futures fell 11 1/4 cents to $7.41 1/4, nearer the daily low and for the week down 3 3/4 cents. The winter wheat futures markets saw more profit-taking pressure and weak long liquidation as the price uptrends on the daily charts have stalled out and prices are now starting to trend down.
Cotton: December cotton futures fell 102 points to 81.15 cents, nearer the daily low, hit a six-week low, and for week were down 491 points. The cotton futures market today saw more heavy profit-taking pressure and weak long liquidation. The near-term technical posture for cotton remains bearish, which will keep the chart-based bears confident early next week.
Cattle: October live cattle futures rose $0.275 to $215.925, nearer the daily high and for the week down $3.75. November feeder cattle futures lost $0.65 to $318.00, near mid-range and for the week down $10.175. The cattle futures markets bears had a good week, including a technically bearish weekly low close in November feeders today. The near-term technical postures for both markets have deteriorated the past weeks, which has the speculative bulls mostly standing on the sidelines.
Hogs: October lean hog futures fell $0.80 to $78.10, near the daily low, hit a 15-month low, and for the week were down $3.425. The hog futures market saw another dreadful week, including today’s technically bearish weekly low close. Recent heavy profit-taking and weak long liquidation from the shorter-term spec traders has the bulls running for cover.