Ag markets turned mostly higher Friday morning

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Harvest pressure may be weighing upon corn futures at this point. Although the wheat and soybean complexes moved modestly higher Friday morning, bullish corn traders proved unable to push yellow grain values higher. This probably reflects weakening country prices as the Corn Belt harvest accelerates. December corn slid 3.25 cents to $4.535/bushel Friday morning, and May lost 3.25 cent to $4.7425.

Soybeans apparently benefited from talk of strong export demand. Although the onset of the U.S. harvest is probably weighing upon country markets at this time, prices rose modestly in early trading. Talk that the Asian palm oil market ended the week on a strong note probably provided considerable support. But talk of robust export demand from China and other countries seemed to be the real force behind the early gains. November soybeans rallied 4.75 cents to $13.215/bushel late Friday morning, while October soyoil rose 0.04 cents to 41.83 cents/pound, and October soymeal added $2.5 to $418.9/ton.

Export buying also supported wheat prices Friday morning. The wheat markets have performed well lately, due largely to talk of strong export demand and problems with Argentina’s winter crop. Rumors of buying from China and Brazil reportedly played a big role in Friday morning firmness as well. December CBOT wheat gained 4.5 cents to $6.825/bushel around midsession Friday, while December KCBT wheat ascended 2.25 cents to $7.295, and December MGE futures surged 6.0 cents to $7.305.

Cattle futures proved quite firm in Friday morning action. Bullish CME traders may simply be expecting steady-firm cash trading this afternoon, which would easily explain the early Chicago strength. They may also be anticipating spillover strength from a bullish Hogs & Pigs report later in the day. October cattle futures ran up 0.27 cents to 127.97 cents/pound by late Friday morning, while December rallied 0.35 cents to 131.92. Meanwhile, October feeder cattle inched up 0.20 cents to 164.57 cents/pound, and January was improved by 0.15 to 164.20.

Hogs futures posted modest Friday morning gains. Hog traders are almost surely looking forward to this afternoon’s release of the quarterly USDA Hogs & Pigs report at 2:00 PM CDT. There is a great deal of uncertainty about its likely contents, but bullish expectations concerning fall and winter hog supplies very likely played a big role in the morning advance. October hog futures lifted 0.15 cents to 92.95 cents/pound just before lunchtime, while December climbed 0.55 cents to 88.27.

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