Soybeans led the grain markets higher Friday

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Friday’s soy surge exaggerated the concurrent corn bounce. Corn futures rebounded from Thursday’s lows, with technical factors seeming to be the main driver of the gains. The rise was apparently exaggerated later in the day as soybeans surged in response to an industry report confirming diminished Brazilian production. March corn surged 9.5 cents to $4.575/bushel at Friday’s close, while May ran up 9.0 to $4.635.

Soybeans reacted strongly to the latest Brazilian crop estimate. The soy complex seemed set to decline in the wake of Thursday’s huge reversal. However, the respected Brazilian firm Safras and Mercado essentially confirmed last week’s low Oil World figure, stating Brazil’s 2014 soybean harvest at 86.1 million tonnes, which is well below the latest USDA figure. That sent the soy complex mostly higher. March soybeans climbed 12.5 cents to $14.06/bushel around midsession Friday, while March soyoil rallied 0.47 cents to 41.37 cents/pound, and March soymeal rose $2.0 to $466.0/ton.

The wheat markets also staged an impressive comeback. Thursday’s Egyptian announcement of a big wheat tender and the indicated U.S. shutout depressed futures, but prices firmed technically Friday morning. The Brazilian soybean news and the bean market’s bullish response seemingly exaggerated the wheat resurgence. March CBOT wheat futures leapt 16.75 cents to $5.99/bushel as the week’s trading ended Friday, while March KCBT wheat futures jumped 14.75 cents to $6.77, and March MWE futures soared 15.25 to $6.7075.

Surging beef prices appeared to encourage cattle market bulls. Cattle futures seemed to lose their upward momentum after country markets traded at record highs this week. Traders may have thought that marked a market top. But wholesale beef prices surged again Friday, which probably persuaded bulls that the market has not peaked. April cattle futures climbed 0.52 to 144.97 cents/pound at Friday’s settlement, while August rose 0.02 to 132.62. Meanwhile, surging feed costs depressed March feeder cattle 0.12 cents to 171.70 cents/pound, and May lost 0.27 to 173.70.

Bulls remained in control of the hog pit. Ongoing cash and wholesale pork gains spurred hog futures sharply higher again Friday. Bullish expectations built upon robust demand and seasonally tightening supplies are rather obviously firing bullish imaginations. April hogs rocketed up 3.00 cents to 106.85 cents/pound Friday afternoon, while June spiked 2.30 to 112.22.

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