Corn: December corn fell 1 3/4 cents to $4.18, near the daily low after hitting a six-week high early on. For the week, December corn lost 2 1/4 cents. Despite the mild profit-taking pressure into the close today, the takeaway this week for the corn futures market is that the bulls continue to show resilience on price setbacks.
Soybeans: November soybeans fell 6 cents to $10.27 and near the daily low. For the week, November beans fell 27 1/2 cents. December soybean meal rose 30 cents to $284.00, near the daily low and for the week down $5.00. December bean oil fell 70 points to 51.23 cents, near the daily low and closed at a nearly three-month low close. For the week, December bean oil fell 91 points. The soybean market bulls faded badly this week and prices are now starting to trend down on the daily chart.
Wheat: December SRW wheat fell 1/4 cent to $5.19 1/4, near the daily low and closed at a contract low close. For the week, December SRW was down 15 cents. December HRW wheat fell 1 cent to $5.05 1/4, near the session low, set a contract low and ended the week down 14 1/2 cents. December spring wheat futures fell 4 1/4 cents to $5.66 and gave up 14 cents on the week. The winter wheat futures markets continue to be mired in price downtrends, with new contract lows occurring nearly every week since mid-July.
Cotton: December cotton futures fell 17 points to 66.03 cents and near mid-range. It was also the lowest close in over four months. For the week, December cotton fell 51 points. The cotton market bears have momentum heading into next week. The near-term technical posture has turned more bearish recently.
Cattle: October live cattle futures fell 97 1/2 cents to $235.975, near mid-range and for the week down $3.675. September feeder cattle futures closed steady at $359.925, near mid-range and for the week down $4.95. Today’s technically bearish weekly low close in October live cattle sutures sets the stage for follow-through chart-based selling pressure early next week, much of which would be profit taking.
Hogs: October lean hog futures rose $1.00 to $96.025, near mid-range and hit a nine-week high. For the week, October hogs gained $2.05. Today’s technically bullish weekly high close in October lean hogs will have the chart-based speculators looking to continue to play the long side of the market early next week.