Commodity markets were mostly lower Friday morning

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Corn was part of general commodity decline Thursday night. The commodity sector moved generally lower overnight, although there was no readily apparent reason for the drop. Soybeans led the grain markets downward, which may have reflected the improved moisture being received by much of the Corn Belt at this juncture. December corn slid 1.5 cents to $4.58/bushel early Friday morning, and May lost 1.5 cents to $4.7825.

The soy complex seemed to lead the ag markets lower. Commodity markets declined in early Friday trading, with gold and crude oil suffering moderate losses. Traders couldn’t blame the financial markets, since equity index and currency futures were virtually unchanged. Improved Corn Belt weather may have depressed beans and meal, while the Asian palm oil market dragged oil lower. November soybeans fell 15.5 cents to $13.24/bushel around dawn Friday, while October soyoil sank 0.40 cents to 42.31 cents/pound, and October soymeal skidded $2.8 to $418.8/ton.

Wheat futures moved mostly lower as well Friday morning. The wheat markets proved quite firm Thursday, which may have set the stage for a slide driven by long-liquidation on Friday. Traders may also be anticipating a much larger 2014 winter wheat crop in light of recent rainfall over the Great Plains. December CBOT wheat dropped 4.75 cents to $6.5225/bushel in early Friday trading, while December KCBT wheat slumped 3.25 cents to $6.9875, and December MGE futures edged 0.75 cent lower to $7.0775.

Cattle futures were mostly lower after rallying Thursday. Traders hoping for a cash market advance apparently boosted cattle futures yesterday. However, the wholesale market continued its recent mixed pattern, which may have caused the mixed-to-lower trade seen overnight. The industry is probably unwilling to trade aggressively ahead of this afternoon’s monthly USDA Cattle on Feed report. October cattle futures inched 0.02 cents lower to 125.90 cents/pound as the sun rose over Chicago Friday, while December was steady at 129.72. Meanwhile, October feeder cattle stumbled by 0.30 cents to 159.07 cents/pound, and January lost 0.37 cents to 159.60.

Wholesale weakness apparently undercut hog futures again Friday morning. Although cash markets across the Corn Belt put in a strong showing Thursday, pork values ended the day modestly lower. This suggests the price strength exhibited by the hog and pork complex has finally began stifling consumer demand. That may bode ill for the fall outlook, especially if forthcoming hog supplies show a normal seasonal increase. October hog futures dove 1.02 cent to 90.12 cents/pound in early Friday morning action, while December tumbled 0.72 cents to 86.57.

Cotton futures joined the general decline Friday morning. As in the other pits, there was no news obviously weighing upon cotton futures Thursday night. The latest forecasts for southern U.S. cotton-growing areas are generally dry, which might aid the looming harvest. December cotton dipped 0.19 cents to 84.53 cents/pound just after sunrise Thursday, while March slipped 0.03 to 84.43.

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