Corn: December corn futures rose 10 1/4 cents to $4.20 1/4, near the daily high and hit a four-week high. For the week, December corn gained 8 3/4 cents. December corn today saw heavy short covering, perceived bargain hunting and scored technically bullish weekly and monthly high closes, which set the market up for follow-through chart-based buying next Tuesday.
Soybeans: November soybeans rose 6 1/2 cents to $10.54 1/2 and near the daily high. For the week, November beans fell 4 cents. September soybean meal futures fell $2.70 to $283.60, nearer the daily low, hit a two-week low and on the week down $13.10. September soybean oil futures fell 28 points to 51.47 cents and for the week down 337 points. The soybean market got some traction today from solid gains in corn and some short covering in winter wheat futures.
Wheat: December SRW wheat futures rose 5 1/4 cents to $5.34 1/4, near the daily high and on the week up 7 cents. December HRW wheat rose 4 cents to $5.19 3/4 and near the daily high. For the week, December HRW fell 1 1/4 cents. December spring wheat futures rose 2 3/4 cents to $5.80. Short covering was featured in winter wheat futures to end the trading week and month. The technically bullish weekly high close in December SRW wheat today may encourage some follow-through buying next Tuesday from the speculators.
Cotton: December cotton futures fell 76 points to 66.54 cents, near the daily low and on the week down 147 points. Today’s technically bearish weekly low close in December cotton futures sets the stage for follow-through selling interest from the chart-based speculators come next Tuesday.
Cattle: October live cattle futures rose $2.725 to $239.65, near the daily high, at a new contract high close and for the week up $1.775. September feeder cattle futures gained $2.975 to $364.775, near the daily high and for the week up $2.10. The cattle futures markets bounced back from profit-taking pressure seen Thursday, after prices Wednesday hit contract/record highs.
Hogs: October lean hog futures prices rose 75 cents to $95.025, nearer the daily high and hit a two-month high. For the week, October hogs rose $3.825. Today’s technically bullish weekly and monthly high closes in October hogs set the table for follow-through, chart-based buying in the hog futures early next week.