Most ag markets traded firmly Friday morning

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Corn traders seem to be focusing supportive factors Friday. The private crop tour of the Midwest yielded huge corn production forecasts this week, but CBOT prices are apparently finishing the week strongly. That probably reflects news that drought in northeastern China could chop 3.5 million tonnes from that nation’s harvest. September corn edged up 1.5 cents to $3.6375/bushel in late Friday morning action, while December added 1.5 to $3.705.

Talk of demand strength continues supporting beans and meal. The ongoing crop tour is also pointing to a huge fall soybean harvest, thereby keeping persistent pressure upon new crop futures. However, talk of demand strength is boosting nearby bean and meal futures; news of a sizeable sale to China epitomized the vigorous demand. Oil is still suffering from the global vegoil glut. September soybean futures jumped 15.0 cents to $11.5125/bushel around midsession Friday, while November futures rose 2.5 cents to $10.4075. September soyoil skidded 0.32 cents to 32.46 cents/pound, and September soymeal leapt $16.3 to $430.1/ton.

Reduced Canadian production and Black Sea worries are supporting wheat prices. The global wheat situation still looks well supplied, but Thursday’s modest reduction in Canadian production forecasts alleviated the pressure somewhat. Futures are following through today, possibly due to trader concerns about potential weekend conflict between Russia and Ukraine. September CBOT wheat gained 8.75 cents to $5.55/bushel late Friday morning, while September KC wheat advanced 11.5 cents to $6.335/bushel, and September MWE wheat surged 10.25 to $6.26.

Cattle futures are trading mostly higher at midday Friday. Another bout of cash and wholesale weakness sent cattle futures to fresh short-term lows this week. However, futures seem to be trying to stabilize. History suggests a seasonal advance from summer into the following spring. Bulls probably want to see beef prices firm as a first step. October live cattle futures rallied 0.75 cents to 146.30 cents/pound shortly before lunchtime Friday, while December futures lifted 0.25 to 148.85. Meanwhile, September feeder futures slid 0.10 cents to 209.32 and November futures slumped 0.37 to 206.97.

Hog traders are couldn’t sustain their upward momentum. CME hog futures posted a big rebound Thursday, which bulls hope marks the start of a sizeable late-summer advance. And while midday pork quotes rose, nearby CME futures reversed to the downside after failing to top their 10-day moving averages. October hogs fell 0.60 cents to 93.02 cents/pound in late Friday morning trading, while December dipped 0.45 to 87.10.

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