Corn futures began 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, since the indicated acreage totals seemed surprisingly small. September corn gained 4.0 cents to $3.66/bushel around midsession Friday, while December climbed 4.5 to $3.78.

The soy complex is proving mixed once again. The early USDA data stated bean acreage enrolled in subsidy programs at 79.25 million acres, with 827,000 acres deemed as ‘prevent planted.’ As with corn, the total looks low, which apparently triggered early buying of CBOT bean and meal futures. Meanwhile, the bearish vegoil situation continues weighing on soybean oil futures. That seemingly dragged beans lower at midday. September soybean futures slid 1.75 cents to $10.965/bushel just before lunchtime Friday, while November futures sank 2.5 cents to $10.535. September soyoil dove 0.61 cents to 32.90 cents/pound, but September soymeal marched up $3.6 to $386.0/ton.

The wheat markets posted a strong Friday morning advance. The USDA-FSA report stated enrolled U.S. wheat acreage at 52.57 million acres, with 1.36 million defined as ‘prevent planted.’ Again, the participation rate seemed low. That supported futures, but the markets really seemed to take off after traders heard forecasts for fresh rainfall over Europe, since the moisture could further delay the E.U. harvest and do additional damage to their wheat. September CBOT wheat surged 9.25 cents to $5.465/bushel late Friday morning, while September KC wheat advanced 8.0 cents to $6.16/bushel, and September MWE wheat moved up 3.75 to $6.095.

Cattle futures seemingly lost direction this morning. Yesterday cattle futures bounced from early-week losses in reaction to news of emerging cash market stability. Deferred futures have sustained the bounce this morning, but the nearby contracts have turned lower. That may reflect concerns about third-quarter outlook. October live cattle futures slipped 0.10 cents to 147.25 in late Friday morning action, while December futures bounced 0.52 to 150.17 cents/pound. Meanwhile, September feeder futures leapt 0.95 cents to 214.00 cents/pound and November futures jumped 0.80 to 212.57.

CME hogs have turned decidedly mixed. Cash hog and wholesale pork weakness depressed CME futures Thursday morning, but Chicago prices rebounded later in the day. Futures followed through to the upside in overnight trading, but diverged as lunchtime loomed. Those shifts probably reflect disparate ideas about the outlook, but they may also be driven by pragmatic trader adjustments to the circumstances. October hogs dipped 0.15 cents to 95.10 cents/pound late Friday morning, while December climbed 0.75 cents to 88.50.