Corn futures dipped in response to Friday’s early USDA data. After giving a taste of their long-term data Thursday, the USDA released the full report early this morning. Forecast 2014 corn acreage at 79.5 million acres didn’t change, but the other numbers seemed somewhat bearish. 2014/15 carryout was stated at 2.111 billion bushels. March corn slid 1.5 cents to $4.5425/bushel early Friday morning, while May lost 1.75 to $4.605.

Soybeans also declined on the USDA news. The 2014 data on the USDA long-term outlook also seemed to weigh on soybeans in early trading. The USDA reiterated its acreage forecast at 79.5 million acres, with the 2014 crop at 3.55 billion bushels and 14/15 carryout at 285 million. That last figure seems to be depressing CBOT prices. March soybeans declined 2.25 cents to $13.56/bushel in early Friday action, while March soyoil stumbled 0.11 cents lower to 40.46 cents/pound, and March soymeal slipped $0.6 to $450.3/ton.

Weather bulls seemed to like the USDA forecast. The USDA again stated its 2014 wheat acreage forecast at 55.5 million acres, with the forthcoming crop stated at 2.160 billion bushels and 14/15 carryout at 587 million bu. Futures remained weak versus Thursday’s close, but did bounce slightly in response to the USDA data. March CBOT wheat futures skidded 1.25 cents to $6.15/bushel soon after dawn Friday, while March KCBT wheat futures skidded 0.75 cent to $6.91, but March MWE futures rose 1.0 to $6.8275.

Cattle traders are probably expecting cash firmness later today. After surging earlier in the week, beef prices turned mixed Thursday. However, news that packers began this week’s cash bidding at last week’s price supported CME futures. That also appeared to be the case last night. April cattle futures edged up 0.05 cents to 141.92 cents/pound Thursday, while August sagged 0.07 to 131.62. Meanwhile, March feeder cattle bounced 0.17 cents to 171.30 cents/pound, and May gained 0.07 to 172.67.

Big cash and wholesale gains are boosting nearby hog futures. Bullish hog traders have been anticipating strong increases in hog and pork prices for weeks and are finally getting those late this week. Cash values, as well as pork cutout, jumped Thursday, thereby causing traders to look for more of the same. April hogs surged 0.47 cents to 98.30 cents/pound in overnight action, while June moved up 0.07 at 107.85.

Cotton again seems to be following the equity markets. Cotton futures apparently reacted rather poorly to the USDA’s projection for 2014 crop acreage on its long-term report Thursday. However, renewed strength in the equity markets suggests a strong economic outlook and vigorous apparel demand, which seemed to boost fiber prices overnight. March cotton jumped 0.78 cents to 87.15 cents/pound Thursday night, while July cotton ran up 0.66 cents to 88.09.