Corn: December closed steady at $4.87 1/2, near mid-range and hit a two-month high early on. For the week, prices were up 20 cents. The corn futures market paused to end the trading week, on some mild profit-taking pressure as the bulls paused to catch their breath. Prices are still trending up on the daily chart, which should keep the bulls in the driver’s seat next week.
Soybeans: November soybeans rose 9 3/4 cents to $12.53 1/2, nearer the daily high, hit a new contract high, and for the week 50 1/2 cents. September soybean meal gained $2.00 to $330.80, near mid-range, hit an eight-month high and for the week up $13.70. September bean oil fell 122 points to 73.47 cents, nearer the daily low and for the week down 46 points. The soybean and meal markets today rallied again as weather in the Midwest is heating up heading into the key growing month of August for most of the U.S. bean crop. Today’s solid losses in crude oil futures were a negative for the bean oil futures market.
Wheat: September SRW wheat lost 18 1/4 cents to $6.78, nearer the daily low after hitting a contract high in overnight trade. For the week, September SRW was down 4 3/4 cents. September HRW wheat fell 14 1/2 cents to $7.45 1/4, nearer the daily low after hitting a contract high overnight. For the week, September SRW was up 13 cents. September spring wheat futures fell 15 3/4 cents to $7.14 1/4, near mid-range and for the week up 22 1/2 cents. The winter wheat futures markets today saw heavy profit-taking pressure and weak long liquidation after prices scored contract highs overnight. Today’s price action produced technically bearish “key reversals” down on the daily bar charts, which are early technical clues of near-term market tops being in place.
Cotton: December cotton futures fell 123 points to 79.98 cents, near the daily low and for the week up 135 points. The cotton futures market today saw profit-taking pressure heading into the weekend. Today’s solid losses in crude oil futures were also negative for cotton futures price action. Traders will be eyeing Monday afternoon’s weekly USDA crop progress reports.
Cattle: August live cattle futures rose $1.675 to $227.075, near mid-range and for the week up $2.65. August feeder cattle futures gained $1.55 to $345.325, nearer the daily low and for the week down 62 1/2 cents. The cattle futures markets today saw some follow-through buying from Thursday’s rebounds. Two sessions in a row of decent gains in the cattle futures markets, including today’s bullish weekly high close in August live cattle, are early clues the bears may finally be exhausted and market bottoms might be in place.
Hogs: August lean hog futures rose $0.70 to $102.85, nearer the daily high, hit a nine-week high and for the week up $1.20. The lean hog futures market saw more technical buying interest from the speculators today amid charts that are bullish as prices are in a solid uptrend on the daily bar chart. Today’s technically bullish weekly high close only adds to that bullish chart posture heading into futures trading next week.