Corn: December corn futures fell 3 cents to $4.10 3/4, near the daily low, at a contract low close, and for the week down 8 1/4 cents. Today’s lower trading action in corn futures, with a technically bearish close at the weekly low price, sets the market up for follow-through selling from the speculators early next week, including a challenge of important technical support at the contract low of $4.07 1/2 in December corn. If that level is breached, the speculative bears will likely be piling on the sell side in an attempt to push December corn below major psychological support at the $4.00 level.
Soybeans: : November soybeans closed steady at $9.89 1/4, nearer the session low and hit a 3.5-month low early on. For the week, November beans lost 31 3/4 cents. September meal futures rose $5.00 to $270.90, near the daily high and closed at a bullish weekly high close. For the week, September meal lost $1.30. September soybean oil futures fell 79 points to 54.48 cents, nearer the daily low and hit a three-week low. For the week, September bean oil fell 177 points.
Wheat: December SRW wheat futures fell 5 1/2 cents to $5.37, near the daily low and hit a contract low. For the week, December SRW lost 21 1/4 cents. December HRW wheat fell 6 1/4 cents to $5.38 1/2, nearer the daily low and closed at a contract low close. On the week, December HRW fell 9 1/4 cents. December spring wheat futures fell 4 1/2 cents to $5.96 3/4 and gave up 9 1/4 cents on the week.
Cotton: December cotton futures fell 89 points to 66.36 cents today, near the daily low and closed at a four-month-low close. On the week, December cotton lost 198 points. This week’s downdraft in the cotton futures market, including today’s technically bearish weekly low close, has emboldened the speculative, chart-based traders who are likely to continue to press the downside early next week. The key technical point for December cotton is the June low of 66.27 cents, which is in striking distance and if breached on the downside would likely trigger pre-placed sell stop orders to push prices even farther south.
Cattle: August live cattle futures rose $2.35 to $230.125 and near the daily high. For the week, August cattle gained $3.65. August feeder cattle futures gained $3.20 to $334.575, near the daily high and for the week up $3.20. The live and feeder cattle futures bulls today were able to claw back some of Thursday’s strong losses. Key will be if the bulls can show some follow-through price strength early next week. USDA today reported active cash cattle trading, with steers averaging $242.69 and heifers averaging $242.07. Both levels are well above the average price fetched last week. USDA will release its official cash cattle trading price for this week on Monday near midday.
Hogs: August lean hogs rose 22 1/2 cents to $107.35, nearer the daily high after hitting a two-week low early on. For the week, August hogs fell $1.35. The lean hog futures bulls this week lost the technical momentum they spent the last two weeks in July building. That means the speculative, chart-based sellers have been emboldened and may start to play their cards in stronger fashion next week. One key for price action in the hog futures market next week will be how the cattle futures markets fare, following the big sell-offs seen in the cattle futures markets on Thursday.