Corn: March corn fell 5 3/4 cents to $4.40 3/4, near the daily low and hit a two-week low. For the week, December corn was down 4 cents. March corn closed at a technically bearish weekly low close today, suggesting some follow-through chart-based selling from the speculators next week.
Soybeans: January soybeans fell 16 3/4 cents to $10.76 3/4, near the daily low, hit a six-week low and for the week were down 29 1/4 cents. January soybean meal closed up 40 cents at $302.50, near mid-range and on the week down $4.90. January bean oil lost 75 points to 50.07 cents, near the daily low, hit a two-week low and for the week were down 162 points. January soybeans today saw a technically bearish weekly low close as prices are trapped in a downtrend on the daily bar chart.
Wheat: March SRW wheat fell 4 1/4 cents to $5.29 1/4, near the session low and closed at a six-week-low close. For the week, March SRW was down 7 1/4 cents. March HRW wheat fell 4 1/4 cents to $5.18, near the session low and hit a six-week low. For the week, March HRW was down 13 1/4 cents. March spring wheat futures fell 1/2 a cent to $5.75 3/4, about mid-range for the day. March spring wheat was up 2 3/4 cents for the week. The winter wheat futures markets remain trapped in price downtrends on the daily bar charts.
Cotton: March cotton futures fell 14 points to 63.83 cents, nearer the session low and for the week lost 10 points. The cotton futures market’s solidly bearish near-term technical posture continues to limit buying interest from the speculators.
Cattle: February live cattle futures fell $1.40 to $229.55, nearer the daily low. For the week, February live cattle rose $2.40. January feeder cattle futures closed down $4.30 at $339.10, near the daily low. For the week, January feeders were up 5 cents. The cattle futures markets today saw some routine profit-taking pressure from recent solid gains and after both markets hit six-week highs on Thursday.
Hogs: February lean hog futures rose 35 cents to $84.525, near mid-range, hit a six-week high and for the week were up $2.25. Today’s technically bullish weekly high close and bullish near-term chart posture for lean hog futures sets the futures market up for more speculator buying interest early next week.