Corn: July corn closed 1 1/2 cents lower to $4.90 1/4 and settled nearer session lows. That marked a 8 cent loss on the week. Corn futures traded within Tuesday’s session for the second consecutive day as prices continue to consolidate on the daily bar chart.
Soybeans: May soybeans fell 2 1/4 cents to $10.36 1/2, finishing the week down 6 1/4 cents. May soymeal fell $1.10 to $295.60, closing $4.00 lower on the week, while soyoil rose 39 points, marking a 52-point week-over-week gain. Soybeans continued to face technical challenges at the 200-day moving average, with overbought conditions also pursing momentum.
Wheat: July SRW wheat futures rose 1 1/4 cents to $5.62 1/4, nearer the daily low and on the week down 8 cents. July HRW wheat futures fell 2 1/4 cents to $5.70, near the daily low and for the week down 13 1/4 cents. July spring wheat futures closed 2 1/4 cents higher to $6.19 1/4, a weekly loss of 9 1/4 cents. Wheat traders will closely examine Monday afternoon’s weekly USDA wheat crop progress reports.
Cotton: May cotton rose 52 points to 66.31 and marked a weekly gain of 42 points. Cotton futures extended gains for a third straight session, gaining an increased technical posture by securing a close above the 20- and 40-day moving averages.
Cattle: June live cattle futures rose $2.00 to $204.075, near the daily high and hit a three-week high. For the week, June cattle gained $7.275. May feeder cattle futures closed up $2.45 at $286.85, near the session high, hit a three-week high and for the week gained $8.15. Today’s technically bullish weekly high closes in June live cattle and May feeders sets the stage for follow-through technical buying by the speculators early next week.
Hogs: June lean hog futures closed 7.5 cents higher to $98.025 and closed near mid-range. That marked a weekly gain of $4.70. Nearby May futures climbed a quarter to $90.40. June lean hogs traded on either side of unchanged before closing slightly firmer.