Ag markets look set to end the week in mixed fashion

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Favorable weather is still weighing on grain futures. This week’s rain will very likely get recently planted corn off to a good start. Next week’s forecast sunshine will probably help as well, along with accelerating plantings in northern states. Thus, it isn’t terribly surprising to see CBOT prices under pressure again this morning. July corn slipped 2.0 cents to $4.8225/bushel as Friday dawned over Chicago, while December lost 2.75 cents to $4.77755.

New crop soy futures outperformed their old-crop counterparts Thursday night. One has to suspect that Thursday’s bearish NOPA crush report continued weighing on nearby futures last night. Deferred futures posted modest gains, which may have reflected talk of diminished new crop production next fall. July soybeans skidded 3.25 cents to $14.67/bushel in early Friday trading, while July soyoil sank 0.07 cents to 40.97 cents/pound, and July soymeal dipped $1.8 to $479.6/ton.

New crop soy futures outperformed their old-crop counterparts Thursday night. One has to suspect that Thursday’s bearish NOPA crush report continued weighing on nearby futures last night. Deferred futures posted modest gains, which may have reflected talk of diminished new crop production next fall. July soybeans skidded 3.25 cents to $14.67/bushel in early Friday trading, while July soyoil sank 0.07 cents to 40.97 cents/pound, and July soymeal dipped $1.8 to $479.6/ton.

Cattle futures seemed to bounce after weak cash trading. Fed cattle apparently traded actively at levels $2-$3/cwt below week-ago levels Thursday afternoon. That probably met bearish expectations, so late afternoon reports of wholesale firmness seemingly sparked a modest overnight bounce at the CME. June cattle advanced 0.22 cents to 137.62 cents/pound as Friday trading accelerated, while December rose 0.12 to 144.35. Meanwhile, August feeder cattle moved up 0.27 cents to 192.70 cents/pound, whereas October stabilized at 193.32.

CME bulls may have been disappointed by Thursday’s cash hog and pork results. Although nearby CME swine futures fell yesterday, the cash hog and pork prices ended the day having risen slightly. One has to suspect traders were hoping for better, since the nearby contracts continue sliding in overnight action. June hogs declined 0.35 cents to 119.07 cents/pound in early Friday action, but December rallied 0.22 cents to 94.10.

Cotton futures seemingly posted a technical bounce Thursday night. Last night Chinese officials announced that the Asian giant had imported 47.9% less cotton in April than in April 2013, which seems like a particularly bearish result. Nevertheless, ICE cotton futures rose moderately last night. That apparently reflects the emergence of solid technical support at the 90-cent level (basis July). July cotton rallied 0.24 cents to 90.60 cents/pound shortly after sunrise (EDT) Friday, while December cotton added 0.05 to 82.67.


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