Corn futures proved generally stable Friday morning. Expectations for a large US harvest continue weighing upon corn futures. However, CBOT prices were generally steady to higher in late morning action, which may have reflected trader reluctance to push the market very far in either direction before the weekend. December corn futures rose 0.5 cent to $4.4075 around midsession Friday, while May futures were steady at $4.61.
Soybeans remained weak in Friday morning action. After soybeans and oil posted firm showing in Asia last night, Chicago traders were likely expecting similar gains, especially after the USDA announced sizeable sales to Taiwan and China. And yet soybean futures dipped in this morning’s trading. Traders may be paying more attention to the current accelerated harvest pace and strong yields than to ideas that next week’s weather will slow the gather. November soybean futures slid 3.75 cents to $13.06/bushel late Friday morning, while December soyoil dipped 0.13 cents to 41.00 cents/pound, and December soymeal skidded $0.3 to $425.7/ton.
Wheat futures dipped before the weekend. The golden grain markets are suffering from a general dearth of news. Traders are probably evening up positions before trading shuts down for the weekend, which given recent strength implies a good deal of long liquidation. December CBOT wheat futures fell 4.5 cents to $6.92/bushel in late Friday morning action, while December KCBT wheat futures sank 2.75 cents to $7.615 and December MWE futures lost 1.75 cents to $7.5025.
Cattle futures sustained their recent uptrend. The cash and wholesale strength seen lately are almost surely encouraging bulls in the CME pit. Thus, while beef values rose only modestly Thursday afternoon, live cattle futures continued their late advance this morning. December cattle jumped 1.07 cents to 133.95 cents/pound just before the lunch hour Friday, while April moved up 0.35 to 135.27. November feeder cattle advanced 0.37 cents to 167.32 cents/pound and January feeders ran up 0.40 to 167.10.
Renewed talk of spreading PEDV infections seemingly boosted hog futures again today. Although the hog and pork complex could face major seasonal weakness through late 2013, the recent increase in the number of new porcine epidemic diarrhea virus (PEDV) cases is reportedly powering the current futures advance. It could presage surprisingly small hog supplies this winter. December hog futures rallied 0.52 cents to 90.12 cents/pound late Friday morning, while April climbed 0.52 cents to 93.45 cents/pound.