Corn: December corn fell 3 3/4 cents to $4.22, near the daily low. For the week, December corn lost 2 cents. It was a choppy trading week in the corn futures market, with the bulls unable to put together a decent winning streak the past two weeks.
Soybeans: November soybeans rose 1 1/2 cents to $10.13 3/4, near mid-range and on the week down 11 3/4 cents. December soybean meal rose $1.40 to $274.60, near the daily high and for the week down $9.40. December bean oil fell 8 points to 50.19 cents, near mid-range and for the week down 43 points. The soybean market bulls are worried about a bearish pennant pattern on the daily bar chart for November futures that has formed this week.
Wheat: December SRW wheat fell 7 1/4 cents to $5.19 3/4, near the session low and for the week down 2 3/4 cents. December HRW wheat lost 6 3/4 cents to $5.05 1/2, near the daily low and down 1 3/4 cents for the week. Spring wheat futures fell 6 cents today to $5.67 3/4 near the session low, but for the week gained 1/4 of a cent. The winter wheat futures markets showed some promise this week but today’s losses put prices back down close to their contract lows and will give the chart-based speculators some momentum early next week.
Cotton: December cotton futures rose 12 points to 66.40 cents and nearer the daily high. For the week, December cotton rose 11 points. The cotton futures market continues to languish in the lower part of a sideways trading range that has been in place since late spring.
Cattle: October live cattle futures rose 25 cents to $231.80, nearer the daily high and for the week down $1.775. November feeder cattle futures gained $2.25 to $354.475, near the daily high and for the week up $3.55. The live and feeder cattle futures markets bulls worked to stabilize prices today, after both markets suffered solid losses on Wednesday and Thursday.
Hogs: October lean hog futures rose $1.40 to $101.50, near the daily high and set another contract high. For the week, October hogs surged $3.525. Today’s contract high in October lean hog futures that includes a technically bullish weekly high close sets the table for follow-through, chart-based buying interest early next week.