Corn: December corn futures fell 1 3/4 cents to $4.19, nearer the daily low and for the week down 8 3/4 cents. The corn market bulls did not have the best week, but were able to stop the early-week bleeding to stabilize prices. Bearish outside markets today that saw a higher U.S. dollar index and lower crude oil prices did not help the bulls any today.
Soybeans: November soybeans fell 3 1/4 cents to $10.21, nearer the daily low and on the week down 14 3/4 cents. September soybean meal futures fell $1.70 to $272.20, nearer the daily low and for the week down $6.20. September soybean oil futures fell 22 points to 56.25 cents, near mid-range and for the week up 61 points. The technically bearish weekly low close today in November soybeans sets the table for some follow-through technical selling pressure from the speculators early next week. A higher U.S. dollar index and lower crude oil prices today helped to pressure the soybean complex.
Wheat: December SRW wheat futures fell 3 1/4 cents to $5.58 1/4, nearer the daily low and for the week down 8 3/4 cents. December HRW wheat lost 2 cents to $5.47 3/4, near mid-range and on the week down 3 3/4 cents. December spring wheat futures fell 7 1/2 cents to $6.06 and closed down 10 1/2 cents on the week. The winter wheat futures markets continue to struggle, but the bulls have so far successfully defended solid technical support levels just below the markets, to keep price action mostly sideways and choppy at lower price levels.
Cotton: December cotton fell 48 points to 68.23 cents and near the daily low. For the week, December cotton fell 45 points. Like a broken record, sideways and choppy trading in the cotton futures market continues, suggesting more of the same next week. The market needs a new fundamental catalyst to break prices out of the present trading range.
Cattle: August live cattle futures rose 67 1/2 cents to $226.475 and nearer the daily high. For the week, August cattle rose $2.925. August feeder cattle futures gained $2.475 to $331.375, near the daily high and closed at a contract/record high close. On the week, August feeders gained $7.375. The cattle futures ended the week on a positive note after the markets hit contract/record highs this week. Technicals remain firmly bullish, which sets the stage for more chart-based buying interest from the speculators early next week.
Hogs: August lean hog futures rose 50 cents to $108.70, nearer the daily high and for the week up $2.225. The lean hog futures bulls had a good week again this week, including a technically bullish weekly high close today, following their late-June, early-July swoon. Prices are starting to trend higher, which will also better tempt the speculative bulls to play the long side next week.