Corn: December corn fell 11 1/4 cents to $4.30 1/4, nearer the daily low and for the week up 3 cents. Corn futures sold off following today’s November USDA supply and demand report. The agency cut its U.S. corn crop estimate 62 million bu. from the September report.
Soybeans: January soybeans fell 22 1/2 cents to $11.24 1/2, nearer the daily low and for the week up 7 1/2 cents. December soybean meal lost $5.90 to $322.50, near the daily low and on the week up $4.40. December bean oil fell 10 points to 50.15 cents, nearer the session low and for the week up 47 points. The soybean and meal futures markets were hit by profit-taking following recent gains and by selling pressure in the corn and wheat futures markets.
Wheat: December SRW wheat fell 8 1/2 cents to $5.27 1/4, nearer the daily low and for the week down 1/2 a cent. December HRW wheat lost 10 1/2 cents to $5.15 1/4, near the daily low and down 4 cents for the week. December spring wheat futures fell 5 cents to $5.64 3/4 , near the daily low but for the week up 7 cents. Today’s technically bearish weekly low closes in December SRW and HRW wheat futures, including bearish “outside days” down on the daily bar charts today, set the table for follow-through chart-based selling pressure early next week.
Cotton: December cotton futures fell 41 points to 62.49 cents, nearer the session low, hit a new contract low, and for the week down 113 points. The cotton market’s two-week-old price downdraft and new for-the-move lows have the speculative technical traders confident and they are likely to continue to play the short side in the near term.
Cattle: December live cattle futures rose 15 cents to $219.15, nearer the daily high after hitting a four-month low early on. For the week, December live cattle were down $2.20. January feeder cattle futures closed up $2.10 at $320.55, near the daily high and hit a four-month low early on. For the week, January feeders were up 97 1/2 cents. The cattle futures markets today saw recoveries from their four-month lows set in early trading, to post high-range daily closes.
Hogs: December lean hog futures rose 42 1/2 cents to $78.50, near mid-range and for the week down 90 cents. The lean hog futures market today saw some short covering after prices hit a nearly four-month low Thursday.