Corn: December corn closed down 1 1/2 cents to $4.05 1/2 and nearer the daily low. For the week, December corn lost 5 1/4 cents. Corn trading was somewhat muted today and will likely be the same on Monday, ahead of what is arguably the data point of the month for the grain markets—Tuesday’s USDA monthly supply and demand report. A Dow Jones Newswires survey of grain analysts shows they expect U.S. corn production this year at 15.991 billion bushels, with an average yield of 184.3 bushels an acre.
Soybeans: November soybeans fell 6 1/4 cents to $9.87 1/2, nearer the daily low and for the week down 1 3/4 cents. September soybean meal closed up 50 cents at $276.60 and near mid-range. For the week, September meal rose $5.70. September soybean oil fell 79 points to 52.71 cents, nearer the daily low and hit a five-week low. On the week, September bean oil lost 177 points. The big event of the week for the grain markets is Tuesday’s USDA monthly supply and demand report. Trading Monday is likely to be subdued ahead of that report. A Dow Jones Newswires survey of grain analysts shows they expect U.S. soybean production at 4.371 billion bushels and an average yield of 53.0 bushels an acre.
Wheat: December SRW wheat fell 4 cents to $5.35, nearer the daily low and for the week down 2 cents. December HRW wheat futures lost 4 1/2 cents to$5.37 1/4, near the daily low and for the week down 1 1/4 cents. December spring wheat futures rose 2 1/4 cents to $5.97 1/4, and 1/2 cent on the week. After an early-week swoon to contract lows, the winter wheat futures markets posted decent rebounds Wednesday and Thursday and saw modest corrective pullbacks today. Key for the bulls next week will be to show some price strength to better suggest near-term market price bottoms are in place. Wheat traders will be looking to the corn market for daily price direction.
Cotton: December cotton futures rose 17 points to 66.60 cents, nearer the session high after hitting a four-month low early on. For the week, December cotton rose 24 points. The cotton market bulls made a “save” today by closing prices near the daily high after solid losses and a four-month low hit early on. Good follow-through buying early next week would begin to suggest a near-term market price bottom is in place.
Cattle: August live cattle futures fell $6.20 to $232.55, near the daily low and on the week up $4.30. August feeder cattle futures today lost $9.25 to $339.40, near the session low and for the week rose $4.825. Heavy profit-taking pressure hit the cattle futures markets hard today. Bulls need to step up on Monday, as good follow-through selling pressure would begin to suggest major market tops are finally in place for the record-setting bull runs in live and feeder cattle futures markets.
Hogs: October lean hog futures fell 25 cents to $90.675 and near mid-range. For the week, October hogs rose 62 1/2 cents. The lean hog futures market paused today, with buying interest limited by the big sell offs in live and feeder cattle futures markets today. Next week’s price action in hog futures will likely be impacted at least to some degree by price action in cattle futures.