Crop market rebounded on beneficial weather forecasts

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Corn futures prices moved slightly higher on Friday morning trading. Although corn basis bids have recovered at least half of their losses from last week, many farmers are still not interested in selling the remainder of crop from last harvest at current prices. On the demand side, traders and feeders are more interested in the freshly new harvested corn as the plants were benefited from the beneficial summer weather. The weakness of the dollar value might trigger some bulls. September corn futures fell 4 cents to $4.835/bushel while December futures increased 1 cent to $4.68/bushel.

The short-covering of soybean prices were affect by several factors. The tightness of old crop supply and no delivery notices supported the soybean prices. Strong new crop export sale also underpin the market. But the cooler weather forecast for the coming week very likely had an opposing effect. Asian palm oil edged lower despite with improved export demand and lower supplies. September soybean futures increased 3.75 cents to $12.38/bushel in early Friday trading, and November soybean prices rose 7.75 cents to $12.0025/bushel. September soyoil climbed 0.26 cents to 42.86 cents/pound, and September soybean meal dropped $0.1 to $425.3/ton.

Wheat futures prices followed the strength of beans and moved higher Friday morning. Weather forecasts suggested that increased rainfall potential across most part of southern Midwest Friday into Sunday. The highest temperature between 70 and 80 Fahrenheit will be favorable for the crop development. September CBOT wheat ascended 4.25 cents to $6.9325/bushel, while September KCBT wheat moved 6.5 cents higher at $7.245, and September MGE futures edged 4.25 cent higher to $7.46.

After trading lower early to a five week low, cattle futures have turned higher at midday. On Thursday cash cattle traded steady with last week in the southern Plains and Kansas at $119. Cash has basically held at this level for the past four weeks. Beef prices were mixed on Thursday, but no signs yet of a seasonal recovery in the beef market. October cattle are 0.55 cents higher to 125.05 cents/pound, while October is 0.30 cents higher at 127.65. Feeder cattle futures are lower. The September contract is 0.7 cents lower to 157.17 cents/pound and October is 0.32 cents lower to 158.95.

Lean hog futures are mixed but mostly higher at midday. The October contract is up 50 cents at $84.40 and December is $81.25 up 35 cents. The market is being supported by the cash index premium to futures and by the solid gain in the pork cutout value on Thursday. Even so, traders clearly expect a pretty big drop in hog prices between now and October as slaughter levels increase seasonally. But the increase in hog numbers could be smaller than expected if producers hold back gilts as production profitability improves.

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