Corn futures are beginning Friday on a firm note. The annual USDA report on farmer enrollment in subsidy programs was published early this morning. They enrolled 83.322 million acres of corn, with 1.54 million classified as ‘prevent planted.’ Nearby futures rose modestly in response. September corn gained 2.25 cents to $3.6425/bushel early Friday morning, while December climbed 2.5 to $3.76.
The soy complex also responded positively to the data as well.. The USDA data stated bean acreage enrolled in subsidy programs at 79.25 million acres, with 827,000 acres deemed as ‘prevent planted.’ The total looks rather low, so CBOT bean and meal futures moved modestly higher. Still, record yields and harvest are looming large. September soybean futures advanced 7.75 cents to $11.06/bushel soon after dawn Friday, while November futures lifted 8.0 cents to $10.6425. September soyoil dipped 0.08 cents to 33.43 cents/pound, and September soymeal skidded $1.8 to $384.0/ton.
The wheat markets moved mostly higher Thursday night. Today’s USDA report stated enrolled U.S. wheat acreage at 52.57 million acres, with 1.36 million defined as ‘prevent planted.’ Futures seemingly rose modestly in response to that news, but the bulk of the early gains were posted in the early morning hours; that may have reflected increased Black Sea tensions. Given the size of this week’s losses, a short-covering bounce before the weekend seems rather likely. September CBOT wheat rallied 5.75 cents to $5.43/bushel, while September KC wheat gained 5.25 cents to $6.1325/bushel, and September MWE wheat inched up 1.25 to $6.07.
Cattle futures are narrowly mixed Friday morning. After cash and futures values tumbled early this week, news of country firmness prompted a bounce at the CME Thursday afternoon. Traders now seem uncertain as to likely short-term direction, although wholesale prices declined again overnight. October live cattle futures rallied 0.27 cents to 147.62 in early Friday action, while December futures slipped 0.12 to 149.52 cents/pound. Meanwhile, September feeder futures advanced 0.55 cents to 213.60 cents/pound and November futures ran up 0.50 to 212.27.
Wholesale strength has sparked a hog bounce. Cash hog and wholesale weakness depressed CME hog prices Thursday morning, but the recent breakdown seemed to run out of gas around midsession. The late futures rebound and subsequent news of afternoon pork strength are apparently boosting prices this morning. October hogs surged 0.92 cents to 96.17 cents/pound as Friday dawned over Chicago, while December jumped 1.10 cents to 88.85.
Cotton futures remain firm Friday morning. Despite a 30% weekly decline in cotton sales indicated on Thursday’s USDA report, cotton futures ended the day only marginally lower. This week’s ICE gains have not been particularly impressive, but the rise has been significant. On the other hand, the most-active December future is bumping up against its 20-day moving average. That could be pivotal to short-term direction. December cotton edged up 0.08 cents to 64.75 shortly soon after sunrise Friday, while March futures crept 0.02 cents higher to 65.49.