Beneficial weather weighed upon ag futures Thursday

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Corn future gave up earlier gains and settled lower on Friday. There were no delivery notices. In the cash market, the short-covering of cash bids seemingly had little impact on the market. The downward pressure was mostly from the benign crop weather, which reinforced expectations for a bumper U.S. harvest this year. September corn futures fell 11.50 cents to $4.76/bushel while December futures moved 3.25 cent lower to $4.6375/bushel.

Soybean futures declined in concert with their corn counterparts Friday. Again, weather played an important role on the market. Expected strong thunderstorms evolved in Nebraska brought 0.75-1.5 inches of precipitation Thursday night, which helped to promote the crop development. What disappointed was that western Iowa missed the expected rain event. However, the mid-day GFS model update increased rainfall potential in Iowa early next week. September soybean futures plummeted 21.50 cents to $12.1275/bushel and November soybean prices dropped 11.00 cents to $11.815/bushel. September soyoil dipped 0.11 cents to 42.49 cents/pound, and September soybean meal fell $12.50 to $385.2/ton.

Wheat contracts seemingly were not largely impacted by the weakness of corn and beans. Wheat futures posted a mixed showing Friday. The ideal weather forecasts added downward pressure on the wheat market. Rebounding equity indexes and concurrent U.S. dollar weakness probably held some bullish implications. September CBOT wheat gained 2.5 cents to $6.605/bushel, while September KCBT wheat prices were unchanged at $7.0675, and September MGE futures were unchanged at $7.4175.

Cattle futures were slightly lower on Friday after a choppy trading session. Cash cattle traded steady with last week in the southern Plains and Kansas at $119 on Thursday, but prices firmed in follow-up trading on Friday at $120. Beef prices were mixed at midday and slightly lower for the week. There is no sign yet that a seasonal recovery is underway in the beef market. Monday is first notice day for August cattle futures. October cattle settled .02 cents lower at 124.47 cents/pound, while December was 0.35 cents lower at 127.00. Feeder cattle futures were also lower. The September contract closed 0.25 cents lower to 157.00 cents/pound and October was 0.17 cents lower to 159.15.

Lean hog futures settled mixed on Friday. The October contract posted a gain of 5 cents and settled at $83.95. December was down 10 cents, falling to $80.80. There was little news to move the market and trading was generally light. The cash index remains far above futures prices which is helping to support nearby contracts.

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