Corn: July corn futures closed 1 1/2 cents higher at $4.78 3/4 and right at mid-range. That still marked a 3 1/2 cent loss on the week. After sustaining sharp selling pressure earlier this week, corn futures continued yesterday’s rebound, eventually testing downtrend resistance stemming from the April highs.
Soybeans: July soybeans fell 2 3/4 cents to $10.59 1/4 but gained 11 1/2 cents on the week. July meal rose $1.80 to $298.50 but marked a$4.60 weekly loss, while July soyoil fell 26 points to 49.81 cents, rising 147 points on the week. Soybeans had a big week, having scored a close above the technically difficult 200-day moving average on Thursday, with today’s session holding entirely above the level, a first since July 13, 2023 on the continuous chart.
Wheat: July SRW wheat futures rose 1/2 cent to $5.45, near mid-range and for the week down 17 1/4 cents. July HRW wheat gained 1/4 cent to $5.51, near mid-range and on the week down 19 cents. July HRS futures fell 1 1/2 cents to $6.06 1/4 and gave up 13 cents on the week. The winter wheat market bulls took a beating this week and bearish charts don’t offer much encouragement for trading action next week.
Cotton: July cotton fell 37 points to 68.80 cents but notched a 167-point weekly gain. July cotton futures edged to a more than nine-week high in overnight trade, though a corrective pullback ensued and the natural fiber ended the day only modestly lower.
Cattle: June live cattle futures prices rose 25 cents to $208.25, nearer the daily high and set a contract high close. For the week, June cattle gained $4.175. May feeder cattle futures gained $1.45 to $290.525, nearer the session high and hit a contract high. On the week, May feeders rose $3.675. The new contract highs and technically bullish weekly high closes in June live cattle and May feeders on Friday set the table for follow-through chart-based buying from the speculators early next week.
Hogs: June lean hog futures climbed $1.225 to $101.15 and ended the day near session highs. That marked a $3.125 gain on the week. Nearby lean hog saw a slow start to the session before working higher as the day went on, supported by a favorable risk-on tone in the general marketplace.