The USDA reports were neutral to supportive, with corn futures bouncing from early lows. The USDA Crop Production and WASDE reports implied the U.S. corn situation is somewhat tighter than previously thought, with the forecast carryout falling moderately below expectations. That sparked a post-report rebound. December corn futures rose 3.05 cents to $4.235/bushel late Friday morning, while May added 3.25 cents to $4.4325.

The soy complex surged in response to the USDA data. Traders in the soybean and product markets seemed to have mixed views about the likely results of today’s reports, with beans and meal rising and oil falling beforehand. The actual numbers sparked bean and meal gains, due in part to carryout totals well below predictions from respected firms. Global carryout also fell below expectations. Oil futures continuing suffering from Thursday’s FDA announcement concerning trans fat regulation. January soybean futures jumped 17.75 cents to $12.965/bushel around midsession Friday, while December soyoil fell 0.37 cents to 40.37 cents/pound, and December soymeal leapt $11.8 to $415.6/ton.

The WASDE numbers looked bearish for the wheat markets. Not only did today’s wheat production data post a surprising rise from previous figures, the WASDE report appeared bearish. It forecast 2013/14 ending stocks well above pre-report averages. December CBOT wheat futures edged sown 0.75 cent to $6.5225/bushel just before lunchtime Friday, while December KCBT wheat futures fell 7.5 cent to $7.05, and December MWE futures advanced 5.25 to $7.0425.

Cattle futures proved surprisingly firm Friday morning. Weakness at both the cash and wholesale levels weighed upon cattle futures Thursday night, but rebounded modestly this morning. That seemingly reflected general optimism about the cattle/beef outlook, particularly from a seasonal standpoint. Futures also seem to be attracting buying from technicians looking at moving average support on the charts. December cattle futures rallied 0.62 cents to 132.30 cents/pound in late Friday morning action, while April futures moved up 0.27 to 134.47. January feeder cattle crept up 0.07 cents to 165.20 cents/pound, while March feeders climbed 0.12 cents to 164.95.

Hog futures are getting supportive news from related markets. In contrast to the cattle/beef complex, cash hog and pork prices have proven surprisingly strong this week. The fact that many in the industry have been anticipating persistent seasonal weakness probably exaggerated the impact of those gains this morning. December hog futures advanced 0.50 cents at 88.05 cents/pound as the lunch hour approached Friday, while April gained 0.52 to 93.70.