Corn: December corn fell 3 3/4 cents to $4.74 1/4, nearer the daily low, closed at a two-month low close and for the week down 5 1/2 cents. The corn futures market’s technically bearish weekly low close again today suggests more chart-based selling in corn futures early next week. A bearish pennant pattern has formed on the daily chart for December corn.
Soybeans: November soybeans fell 1 3/4 cents to $12.61 1/4, near mid-range, hit a six-week low and for the week down 30 3/4 cents. December soybean meal fell $2.70 to $357.10, near mid-range and for the week down $8.50. December bean oil fell 2 points to 67.13 cents, near mid-range and for the week down 89 points. The soybean futures markets today saw technical selling pressure, while meal saw weak long liquidation from the speculators. November soybeans also saw a technically bearish weekly low close today, which gives the chart-based bears momentum for pressing the short side early next week.
Wheat: December SRW wheat fell 9 1/2 cents to $6.60 1/2, nearer the session low, hit a two-month low and for the week down 10 1/2 cents. December HRW wheat lost 9 cents to $7.04, nearer the session low, hit a three-month low and for the week down 15 1/4 cents. December spring wheat futures fell 9 1/2 cents to $6.76 1/2, near the daily low and for the week down 18 3/4 cents. The winter wheat futures markets saw technical selling pressure to end the trading week as prices continue to trend down on the daily bar charts. Today’s technically bearish weekly low closes in December SRW and HRW futures set the table for some follow-through, chart-based selling pressure next week.
Cotton: December cotton futures fell 6 points to 80.00 cents, nearer the session low and for the week down 54 points. The cotton futures market paused today. Selling interest was limited by a weaker U.S. dollar index and by sharply higher crude oil prices today that took WTI futures prices back above $100 a barrel. However, buying interest late this week was limited by a wobbly U.S. stock market, led by a big sell off in the technology sector.
Cattle: December live cattle futures rose $1.10 to $228.35, near the session high, hit a nine-week high and for the week up $1.30. November feeder cattle futures fell $0.05 to $341.90, nearer the session low, hit a three-month high early on and for the week down a nickel. The live cattle futures market saw technical buying to end the trading week, including a technically bullish weekly high close that sets the market up for some follow-through buying early next week.
Hogs: December lean hog futures rose $0.35 to $66.925, near mid-range and for the week down 90 cents. The hog futures market saw tepid short covering today after hitting a contract low in December futures on Thursday. Technicals remain firmly bearish.