Note: Markets and government offices will be closed Friday for the Juneteenth federal holiday. As a result, there will be no Pro Farmer updates.
Corn: July corn fell 3 1/2 cents to $4.17 1/2, near mid-range and for the week up 4 3/4 cents. This holiday-shortened trading week ended with the bulls again frustrated that they cannot put together a winning streak.
Soybeans: July soybeans fell 9 1/4 cents to $11.22 3/4, nearer the daily low and for the week up 9 1/4 cents. July soybean meal lost $3.50 to $301.30, nearer the daily low, hit a 4.5-month low and for the week unchanged from last Friday’s close. July bean oil fell 185 points to 69.69 cents, nearer the daily low, hit a two-month low and for the week were down 459 points. The sell offs in soybean meal and bean oil markets today helped to sink soybeans, despite new export business to China. Weather in the Midwest still leans firmly price-bearish for the soy complex markets.
Wheat: July SRW wheat fell 7 cents to $6.05 3/4, nearer the daily low and for the week up 21 1/4 cents. July HRW wheat lost 8 1/2 cents to $6.44, nearer the daily low and for the week up 9 1/2 cents. September spring wheat futures fell 1/2 cent to $6.47 3/4, nearer the daily low and for the week up 5 3/4 cents. The winter wheat futures markets ended a fairly good holiday-shortened trading week on a down note. This week the bulls started working on price uptrends on the daily bar charts, but have more heavy lifting ahead of them, amid sickly corn and soybean markets.
Cotton: July cotton futures fell 85 points to 76.05 cents, near mid-range and for the week up 311 points. The cotton futures market today saw a corrective pullback from recent good gains. A stronger U.S. dollar index and lower crude oil prices today helped to weigh on cotton futures.
Cattle: August live cattle futures fell $2.225 to $246.625, nearer the daily low and for the week up $5.45. August feeder cattle futures fell $0.825 to $366.60, near mid-range, hit a five-week high and for the week up $9.175. The cattle futures markets bulls had a very good week, as focus was on the price-bullish supply ramifications from New World screwworm on the U.S. cattle industry.
Hogs: August lean hog futures rose $0.225 to $96.725, near the daily high and for the week up $0.325. The lean hog futures market had a choppy, holiday-shortened trading week as the bulls worked to right the ship but without much success. Prices remain trapped in a downtrend on the daily bar chart.