Corn: December corn rose 3 cents to $5.36 1/2, near mid-range, hit a contract and three-year high and for the week up 28 cents. The corn futures market bulls had another very good week, including a technically bullish weekly high close in December corn today. However, the market is now technically short-term oversold and due for a routine downside price correction soon.
Soybeans: November soybeans rose 20 cents to $12.88, near the daily high, hit a contract and 2.5-year high and for the week up 48 1/2 cents.December soybean meal rose $8.00 to $348.90, nearer the daily high, hit a more-than-two-year high for the contract, and for the week up $23.10. December bean oil rose 255 points to 71.06 cents, near the daily high and for the week up 148 points. The soybean complex futures got more support today from solid gains in corn and wheat futures markets and be continued demand for U.S. soybeans from China, was well as from other countries.
Wheat: December SRW wheat rose 23 1/4 cents to $7.84, nearer the daily high, hit a contract and three-year high and for the week up 84 3/4 cents. December HRW wheat gained 22 cents to $8.44 1/4, nearer the daily high, hit a contract and three-year high and for the week up 67 3/4 cents. December spring wheat futures climbed 12 cents to $7.69 1/4. The winter wheat futures markets today saw more strong buying interest amid worries about grain supplies coming out of the Black Sea.
Cotton: December cotton futures fell 103 points to 91.38 cents, nearer the daily low and the week up 303 points. The cotton futures market today saw routine profit-taking pressure from this week’s solid gains.
Cattle: October live cattle futures fell $1.20 to $211.725, near the daily low and for the week down $6.20. November feeder cattle futures lost $1.55 to $309.925, nearer the daily low and for the week down $6.325. The cattle futures markets today saw fresh technical selling pressure as both markets remain trapped in price downtrends on the daily bar charts. President Trump today said on social media that his administration will seek changes to allow farmers and ranchers to slaughter and process their own products.
Hogs: October lean hog futures rose $1.275 to $81.90, near the daily high, hit a two-week high and for the week up $1.025. Chart-based specs continue to press the futures market to the downside in early trading today, as technicals remain firmly bearish. However, heavy short covering and perceived bargain buying late in the session pushed prices higher.