Corn futures declined modestly Friday morning. The latest weather forecasts seemed somewhat more favorable for growing crops, but were not drought breakers either. News that the International Grains Council had boosted its estimate of the global crop may have added to the downward pressure. Many traders were clearly exiting long positions ahead of the three-day weekend. September corn slipped 4.25 cents to $4.93/bushel early Friday morning, while December slid 3.75 cents to $4.7775.
The soy complex also proved vulnerable in early Friday trading. The latest weather forecasts suggest Corn Belt conditions will improve modestly from previous readings during early September. That probably weighed upon soy values to some extent, but the drop was very likely exaggerated by bullish profit-taking ahead of the long weekend. Bulls couldn’t have been pleased with their inability to sustain the bullish response to early-morning export news. September soybeans fell 9.5 cents to $14.205/bushel around midsession Friday, while November beans dove 16.25 to $13.5225. September soyoil dropped 0.36 cents to 43.42 cents/pound, and September soymeal lost $1.3 to $466.1/ton.
Wheat futures were mixed late Friday morning. Sliding corn and soybean values are probably weighing upon wheat futures. However, wire service reports suggest recent price declines have triggered fresh wheat buying on the international markets. Furthermore, bulls now cite problems with the Argentine and Australian crops while buying the market. September CBOT wheat rose 4.0 cents to $6.4525/bushel just before lunchtime Friday, while September KCBT wheat dipped 0.5 cent to $7.005, and September MGE futures declined 2.0 cents to $7.2225.
Cash firmness seemingly supported cattle futures Friday morning. Wire service reports released this morning indicate a few Nebraska cattle changed hands at $126/cwt (cents/pound) late Thursday evening. The implied $1.00 weekly rise almost surely encouraged CME bulls, although the limited futures response almost surely disappointed those optimists. Feeders rallied in reaction to corn and soy weakness. October cattle futures dipped 0.20 cents to 126.77 cents/pound in late Friday morning action, and December edged 0.02 cents lower to 130.22. September feeder cattle futures bounced 0.45 cents to 156.67 cents/pound, while November climbed 0.50 to 159.27.
Hog traders were disappointed by late Thursday pork news. Ideas that the strong wholesale report released midday-Thursday foreshadowed fresh strength in hog prices boosted hog futures yesterday. However, late afternoon reports indicated that the earlier rise had been quite temporary. Friday’s early weakness almost surely reflected trader disappointment with those results. October hog futures declined 0.12 cents to 87.20 cents/pound in early Friday trading, while December skidded 0.05 cents to 84.25.