Corn: December corn rose 1 1/2 cents to $4.41 1/2, nearer the daily high and for the week down 6 1/2 cents. The corn futures market bulls have been squelched by the major sell off in the U.S. stock market the past couple weeks. If the stock indexes continue to deteriorate next week, corn bulls may also stay on the sidelines.
Soybeans: January soybeans rose 5 1/2 cents to $11.93 3/4, near the daily high, hit an 11-week low early on and for the week down 40 1/2 cents. December soybean meal rose $2.00 to $319.20, near mid-range and for the week down $5.40. December bean oil rose 2 points to 62.26 cents, nearer the daily high, hit a six-week low early on and for the week down 364 points. The soybean and meal futures markets today saw pauses and some late short covering as bulls work to stabilize prices. A stronger U.S. dollar index today did limit the upside in the soy complex futures.
Wheat: December SRW wheat fell 8 cents to $5.91 1/4, near mid-range, hit a four-month low and the week down 12 1/4 cents. December HRW wheat lost 3 1/4 cents to $6.32 1/2, nearer the daily high, hit a four-month low early on, and for the week down 11 3/4 cents. December spring wheat futures fell 4 cents to $6.16, near mid-range, and for the week down 7 3/4 cents. The winter wheat futures markets bulls worked to stabilize prices early on today, but had little success as technical selling pressure resurfaced late. Prices have been trending lower since early September.
Cotton: December cotton futures rose 40 points to 79.11 cents, near the daily high and for the week up 128 points. The cotton futures market saw a technically bullish weekly high close today, setting the stage for some follow-through buying interest from the chart-based specs early next week. Tuesday comes the latest USDA monthly supply and demand report (WASDE).
Cattle: December live cattle futures fell $0.35 to $214.05, nearer the daily high, hit an 11-month low early on and for the week down $6.90. January feeder cattle futures lost $1.95 to $318.375, nearer the daily high, hit a six-week low early on and for the week down $13.40. The cattle futures markets suffered through a second straight week of strong losses, prompted by a major sell off in the U.S. stock market and technical selling pressure. Solidly lower cash cattle trade this week also put downside price pressure on the cattle futures markets.
Hogs: December lean hog futures fell $1.575 to $53.525, nearer the daily low, hit another contract low, and for the week down $5.35. December lean hog futures saw another technically bearish weekly low close today, which sets the market up for some follow-through, chart-based selling early next week.