Corn: July corn futures climbed 3 cents to $4.42 1/2 and closed nearer session highs. That marked a 1 1/2 cent loss on the week. Old-crop corn futures led strength today, closing in the upper end of the recent sideways range.
Soybeans: July soybeans rose 5 1/2 cents to $10.57 1/4 and marked a 15 1/2-cent gain on the week. July soymeal fell $1.50 to $295.70, and ended the week down 60 cents, while July soyoil rose 85 points to 47.50 cents, up 61 points for the week. Soybeans were able to notch gains every day this week, and ultimately ended the week above the 200-, 10-, 100-, 40- and 20-day moving averages, each trading around the $10.50 area.
Wheat: July soft red winter wheat futures closed up 9 1/4 cents at $5.54 3/4, near the daily high and closing at a six-week-high close. For the week, July SRW rose 20 3/4 cents. July HRW wheat futures gained 6 3/4 cents to $5.49 1/4, near the session high and closed at a five-week high close. On the week, July HRW gained 16 cents. Spring wheat futures closed a dime higher at $6.35 1/4, marking a 20 3/4 cent gain on the week. The technically bullish weekly high closes in July SRW and HRW wheat futures today set the stage for follow-through chart-based buying interest early next week. Both winter wheat markets are now trending higher on the daily bar charts.
Cotton: July cotton rose 26 points to 65.62 cents, marking a weekly gain of 52 points. Cotton futures firmed amid short-covering but continued to trade within the range held since mid-May.
Cattle: August live cattle futures rose $2.05 to $218.875, near the session high and hit a contract high. For the week, August live cattle rose $9.525. June live cattle gained $3.40 to $226.30 and hit a record high of $226.75. August feeder cattle futures rose $1.00 to $310.15, near the daily high and hit a contract/record high of $310.55. On the week, August feeders gained $11.325. The cattle futures markets bulls remain in high gear and there are still no early, strong technical clues that market tops are close at hand.
Hogs: July lean hog futures surged $2.30 to $107.10, which marked a $2.175 gain on the week. Nearby June futures climbed $1.775 to $102.625, closing on session highs. Hog futures saw a somewhat indecisive morning of trade before prices began to see robust strength in the latter portion of today’s session, sending deferred futures to contract highs.