Corn: December corn futures rose 8 cents to $4.05 1/4, near the daily high and for the week down just 1/4 cent. The corn market bulls suffered a knock-down Tuesday but got back up Wednesday and then ended the week by scoring some strong counter punches that begin to suggest a seasonal price bottom may have been put in place earlier this week.
Soybeans: November soybeans rose 14 cents to $10.42 1/2, near the session high and for the week up 55 cents. September soybean meal fell 90 cents to $283.40, nearer the daily low and for the week up $6.80. September soybean oil gained 119 points to 53.18 cents and near the daily high after hitting a seven-week low early on. For the week, September bean oil rose 47 points. The soybean market bulls had a very good week to suggest some more follow-through buying interest from the speculators next week.
Wheat: December SRW wheat futures rose 2 1/2 cents to $5.27, near mid-range and for the week down 8 cents. December HRW wheat gained 2 1/2 cents to $5.28 1/2, near mid-range and on the week down 8 3/4 cents. December HRS futures fell 2 3/4 cents to $5.89 1/4 and down 8 cents on the week. The winter wheat futures markets today saw some tepid short covering after hitting contract lows on Thursday
Cotton: December cotton futures lost 14 points to 67.54 cents, nearer the daily high and for the week up 94 points. The bullish USDA U.S. cotton production update Tuesday sparked an initial rally in cotton but profit taking and technical selling turned trading action right back to choppy and sideways.
Cattle: August live cattle futures rose $2.90 to $236.25, nearer the session high and for the week up $3.70. August feeder cattle futures gained $5.75 to $346.15, near the daily high and on the week up $6.75. Today’s technically bullish weekly high closes in August live and feeder cattle futures again showed the bulls’ keen resilience after Thursday’s sharp losses.
Hogs: October lean hog futures rose 97 1/2 cents to $90.10, nearer the daily high and for the week fell 57 1/2 cents. Today’s price action saw some corrective buying following two days of selling pressure. A price uptrend remains in place on the daily bar chart for October lean hogs, but the bulls need to show more power soon to keep it alive and to keep the speculative bears at bay