Corn: December corn fell 1 1/2 cents to $4.41 1/2, nearer the daily low and for the week down 2 1/2 cents. The beleaguered corn market bulls at least showed somewhat of a pulse late this week, despite today’s mild losses.
Soybeans: November soybeans fell 3/4 cent to $11.56 1/4, nearer the daily high and for the week up 13 1/2 cents. September soybean meal lost $1.30 to $302.30, nearer the daily high and for the week up $1.50. September bean oil rose 16 points to 68.74 cents, near the daily high and for the week were up 136 points. The soybean bulls had a good week as they negated a price downtrend on the daily chart and are now working on a price uptrend.
Wheat: September SRW wheat fell 11 3/4 cents to $5.89 3/4, nearer the daily low and for the week down 24 1/4 cents. September HRW wheat lost 11 cents to $6.19 1/2, nearer the daily low, hit a 2.5-month low and for the week down 31 3/4 cents. September spring wheat futures fell 9 3/4 cents to $6.05 1/4, nearer the daily low and for the week were down 42 1/2 cents. The winter wheat futures markets today saw technically bearish weekly low closes, setting the table for some follow-through, chart-based selling pressure early next week.
Cotton: December cotton futures fell 59 points to 76.38 cents, near mid-range, hit a two-week low and for the week down 329 points.The cotton futures market today saw technical selling pressure as bears are regaining chart momentum. A stronger U.S. dollar index and lower crude oil prices recently have helped to weigh on cotton futures.
Cattle: August live cattle futures fell $1.40 to $245.825, near mid-range and for the week down 80 cents. August feeder cattle futures lost $3.45 to $369.825, nearer the daily low and for the week up $3.25. The cattle futures markets saw some profit-taking today, led by feeders. Technical traders also recognize there are now stiff chart resistance levels above the markets that could stop the rallies.
Hogs: August lean hog futures fell $0.025 to $96.575, nearer the daily low and for the week down 15 cents. The lean hog futures market bulls this week stabilized the market and are keeping alive a fledgling price uptrend on the daily bar chart.