Corn: December corn rose 1 1/4 cents to $4.31 1/2, nearer the daily high and for the week gained 8 1/4 cents. It was another good week for the corn market bulls, which sets the table for better speculator buying interest early next week, including from the chart-based traders.
Soybeans: January soybeans rose 7 1/2 cents to $11.15 1/4, near the daily high and hit a 13-month high. For the week, January beans rose 55 cents. December soybean meal rose $6.00 to $321.60, nearer the daily high and hit a nearly nine-month high. On the week, December meal gained $23.40. December bean oil fell 97 points to 48.68 cents, nearer the session low, hit a 4.5-month low and for the week down 159 points. The technically bullish weekly and monthly high closes in soybean and meal futures markets today has the chart-based bulls more fired up to continue to be buyers early next week.
Wheat: December SRW wheat rose 9 3/4 cents to $5.34, near the daily high and for the week up 21 1/2 cents. December HRW wheat gained 11 1/2 cents to $5.24 1/2, near the daily high and up 23 cents for the week. Spring wheat futures gained 2 1/2 cents to $5.53, about mid-range for the day, and down 7 cents on the week. It was another very good week for the winter wheat futures market bulls, including technically bullish weekly and monthly high closes in December SRW and HRW futures.
Cotton: December cotton futures rose 42 points to 65.54 cents, nearer the session high and for the week up 134 points. The cotton futures market saw some short covering and fresh speculator buying today as prices are still trending up on the daily bar chart.
Cattle: December live cattle futures fell $1.425 to $229.675, nearer the daily low and for the week down $4.25. January feeder cattle futures closed down $2.325 to $331.90, near mid-range and for the week were down $2.35. The cattle futures markets saw technical selling pressure to end the trading week. Bearish pennant patterns have formed on the daily bar charts for December live cattle and January feeder cattle futures.
Hogs: December lean hog futures rose 45 cents to $81.275, near mid-range. For the week, December hogs were down 62 1/2 cents. The lean hog futures market remains trapped in a price downtrend and therefore the chart-based speculators will try to maintain control of the narrative next week.