Ag markets widely mixed Friday morning

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Corn futures turned lower Friday morning. Ideas that the U.S. harvest is ending and talk of improving export demand seem to be supporting corn futures. The result of the weekly Export Sales report also seemed supportive. However, weakness spilling over from big soybean losses apparently dragged prices lower before midday. December corn futures slid 1.25 cents to $4.2525/bushel late Friday morning, while May declined 2.25 to $4.4275.

Improving South American weather undercut the soy complex. Although CBOT traders were encouraged by talk of improving demand from China, recent rainfall over Brazil and Argentina are boosting production prospects in those countries. The added supply could weigh heavily upon prices next year. A long-term forecast from a respected industry analysis firm added to the downward pressure. January soybean futures dove 25.5 cents to $12.72/bushel around midsession Friday, while December soyoil skidded 0.16 cent to 40.81 cents/pound, and December soymeal plunged $11.7 to $412.9/ton.

The wheat markets followed corn and beans lower Friday. Although word of improving international demand at current prices is encouraging wheat market bulls, they proved unable to overcome selling spilling over from the corn and soy complexes this morning. When combined with the low sales total on the weekly Export Sales report, it wasn’t terribly surprising to see wheat futures decline modestly. December CBOT wheat futures slipped 0.75 cent to $6.44/bushel in late Friday morning trading, while December KCBT wheat futures slumped 5.0 cents to $6.98, while December MWE futures sank 1.75 to $6.9825.

Cattle traders may still expect a cash market advance. Wholesale beef prices have moved inconsistently this week, but cattle futures have remained generally firm. That seemingly reflects trader suspicions that seasonally and cyclically tight conditions will power another cash market advance later today. December cattle futures inched up 0.30 cents to 133.27 cents/pound early Friday morning, while April futures rose 0.07 to 135.02. Meanwhile, January feeder cattle moved up 0.45 cents to 165.65 cents/pound, and March feeders lifted 0.27 cents to 165.17.

Thursday’s late pork strength is supporting hog futures. Signs of increasing hog and pork supplies are recently weighed upon CME swine prices. However, while cash quotes are mixed-to-weak this morning, Thursday’s big rebound in pork values seems to be offering persistent support for the complex this morning. December hog futures gained 0.15 cents to 85.75 cents/pound just around lunchtime Friday, while April added 0.12 to 92.22.

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