Corn: March corn rose 4 1/2 cents to $4.24 3/4 and near mid-range. For the week, December corn was still down 21 cents. The corn futures bulls are working to stabilize prices following Monday’s surprising plunge.
Soybeans: March soybeans rose 4 3/4 cents to $10.57 3/4 near the daily high and for the week were down 4 3/4 cents. March soybean meal fell to a nearly three-month low early on today, before seeing a mild recovery and closed up 80 cents at $290.00, near the daily high and on the week down $13.70. March bean oil fell 36 points to 52.61 cents, near mid-range and hit a four-month high early on. For the week, March bean oil was up 292 points. Soybean futures bulls had a decent week and recovered from Monday’s solid losses.
Wheat: March SRW wheat rose 7 1/2 cents to $5.18, nearer the session high and for the week up 3/4 cent. March HRW wheat gained 10 cents to $5.27 1/4, near the daily high and on the week down 3 cents. March spring wheat futures rose 2 1/2 cents to $5.65, near mid-range. For the week spring wheat was down 2 1/2 cents. The winter wheat futures markets continue to chop in a sideways trading range at lower levels.
Cotton: March cotton futures fell 5 points to 64.66 cents, near mid-range and for the week up 25 points. The cotton futures market bulls faded this week and a price uptrend on the daily chart for March futures is now in jeopardy.
Cattle: February live cattle futures fell $3.90 to $232.15, near mid-range and hit a nearly three-week low. For the week, February live cattle fell $1.575. March feeder cattle futures lost $8.10 to $356.45, nearer the daily low. For the week, March feeders were up $1.75. Cattle futures traders were spooked today by reports of an additional case of New World screwworm in Mexico—seemingly worried about the northward movement of New World Screwworm and its potential impact on consumer demand for beef.
Hogs: February lean hog futures rose 47 1/2 cents to $88.275, nearer the session high and hit a three-month high. For the week, February hogs rose $2.975. The lean hog futures market today saw technical buying amid firmly bullish technicals and an improvement in the cash hog and CME lean hog index prices late this week.