Soybean Futures Post Third Weekly Gain
Corn: December corn futures rose 1/4 cent to $6.84 1/4, a decline of 13 1/2 cents for the week. Corn futures erased overnight declines to post modest gains in nearby contracts with support from a pullback in the U.S. dollar and strength in U.S. equities.
Soybeans: November soybeans rose 4 cents to $13.95 1/2, the highest close since Oct. 13 and up 11 3/4 cents for the week. December soymeal rose $4.60 to $417.90. December soyoil rose 108 points to 71.50 cents, a four-month closing high. Soybeans rebounded from overnight declines to end firm, supported by a recent upturn in export demand, with China making several purchases over the past two weeks.
Wheat: December SRW wheat rose 1 1/2 cents to $8.50 3/4, down 9 cents for the week. December HRW futures fell 1 1/2 cents to $9.48 1/4, down 4 cents for the week. December spring wheat slipped 1 cent to $9.61 1/2. Wheat futures remained under pressure from weak technicals and a strong dollar.
Cattle: October live cattle gained 70 cents to $150.475, the highest close for a nearby contract since August 2015. December live cattle rose 75 cents to $152.425, a lifetime-high close for the contract. November feeder cattle rose 80 cents to $178.35, up $3.575 for the week. Continued cash strength drove futures higher. USDA’s Cattle on Feed Report today was considered largely price neutral.
Hogs: December lean hogs rose $2.10 to $89.125, the contract’s highest close since Aug. 15 and a weekly gain of $6.875. Hogs extended a steep rally behind bullish technicals and firming cash. Today’s CME lean hog index was $93.76 and the benchmark is expected to rise another 29 cents Monday.