Corn: December corn fell 4 1/2 cents to $4.97 3/4, near mid-range and for the week down 30 1/2 cents. The corn futures market late this week extended the big downdraft on Wednesday, including today’s technically bearish weekly low close. That suggests some more chart-based selling in corn futures early next week.
Soybeans: November soybeans fell 5 3/4 cents to $12.78 1/4, near mid-range and hit a four-week low. For the week, November beans were down 40 3/4 cents. December soybean meal fell $5.80 to $347.50, nearer the daily low, hit a four-week low and for the week down $23.50. December bean oil rose 124 points to 68.62 cents, nearer the daily high and for the week up 78 points. The soybean and meal futures markets today saw weak long liquidation and some technical selling as the near-term chart postures for both markets have deteriorated the past week.
Wheat: December SRW wheat rose 1/4 cent to $6.83, near mid-range and for the week down 20 1/4 cents. December HRW wheat lost 2 1/4 cents to $7.35 1/4, near mid-range and for the week down 26 3/4 cents. December spring wheat futures rose 1 1/4 cents to $6.98, near mid-range and for the week down 15 1/2 cents. The winter wheat futures markets saw a pause to end the trading week. Losses in corn and soybean futures markets today did limit buying interest in winter wheat futures. The strong U.S. dollar index that hit a 1.5-year high on Thursday has been a bearish weight on the wheat markets lately.
Cotton: December cotton futures rose 112 points to 78.88 cents, near the daily high after hitting a three-month low early on and for the week down 376 points. The cotton futures market today saw short covering after Tuesday’s big price downdraft and limit-down close. The near-term technical posture for cotton remains firmly bearish, with a price downtrend on the daily bar chart in place, which will keep the chart-based bears confident early next week.
Cattle: December live cattle futures fell $1.70 to $221.475, nearer the session low and for the week down 67 1/2 cents. November feeder cattle futures lost $5.20 to $331.15, near the session low and for the week down 82 1/2 cents. The cattle futures markets saw some profit-taking pressure from the shorter-term speculators today. However, the bulls are keeping alive price uptrends on the daily bar charts.
Hogs: December lean hog futures rose $1.20 to $70.125, near the daily high and for the week up $1.10. The hog futures market saw short covering today after hitting a contract low on Thursday. Prices remain trapped in a downtrend on the daily bar chart, which means the path of least resistance for futures prices in the near term will remain sideways to lower.