Corn: December corn futures rallied 6 cents to $4.27 and closed nearer session highs. That marked a 14 1/4 cent loss on the week. Corn futures surged on corrective strength today, largely driven by positioning ahead of Monday’s USDA reports.
Soybeans: July soybeans rose a nickel to $10.27 3/4, but still plummeted 40 1/4 cents on the week, while November futures rose 8 1/4 cents to $10.24 3/4, marking a 36-cent weekly loss. August meal futures rose 40 cents to $275.60 but marked at $12.60 loss on the week. August soyoil fell 8 points to 52.48 cents and down 212 points week-over week. July soybean futures marked 63-cent selloff from last Friday’s high to this week’s low, though the week ended with a modest upside correction as traders position ahead of USDA’s Quarterly Grain Stocks and Acreage Reports on Monday.
Wheat: July SRW wheat futures rose 3 3/4 cents to $5.24 3/4 and near mid-range, but on the week lost 43 cents. July HRW wheat futures dipped 2 1/4 cents to $5.16 and hit a six-week low. On the week, July HRW fell 47 1/4 cents. Spring wheat futures closed 2 1/2 cents higher at $6.28, marking a weekly loss of 28 3/4 cents. Most winter wheat futures contracts saw tepid short covering to end the week after steep price downdrafts the first four days of the trading week.
Cotton: December cotton rose 52 points to 69.32 cents, marking a 262-point weekly gain. December cotton futures edged higher for the sixth straight session as bulls seemingly gained confidence as the U.S. dollar dove to the lowest level since February 2022.
Cattle: August live cattle futures rallied $4.10 at $213.30 and near the daily high. On the week, August cattle rose $3.475. August feeder cattle futures gained $4.60 to $307.90 and near the session high. For the week, August feeders were up $5.45. Today’s technically bullish weekly high closes in August live and feeder cattle futures markets set the stage for follow-through, chart-based buying from the speculators early next week.
Hogs: August lean hog futures closed 2.5 cents higher at $110.275 and closed on session highs. That marked a $2.17 loss on the week. Lean hog futures favored the downside most of today but eventually eked out a modest gain following yesterday’s moderately bearish Hogs & Pigs Report, though saw little sustained selling pressure throughout today’s session.