Ag markets fluctuated significantly Friday morning

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Corn futures sustained their Thursday night bounce. The Friday morning Export Sales report probably disappointed traders, but corn futures remained slightly higher through midmorning. And despite a negative reaction when a respected industry analysis firm published its crop production estimates later in the morning, yellow grain prices ended the morning at slightly higher levels. December corn rose 1.75 cents to $4.6275/bushel around midsession Friday, while May added 1.25 cents to $4.8375.

The soy complex was mixed late Friday morning. The weekly USDA Export Sales report seemingly held mixed implications for the short-term soybean and product outlook, so it seemed to affect prices little. However, the midmorning publication of a private estimate for the forthcoming soybean crop apparently weighed upon bean and meal futures. The oil market seemingly benefitted from overnight firmness in the Asian markets. November soybeans sagged 3.0 cents to $13.645/bushel by late Friday morning, while October soyoil climbed 0.25 cents to 43.44 cents/pound, whereas October soymeal dropped $4.1 to $430.5/ton.

Wheat futures proved surprisingly strong Friday morning. Overnight news seemed supportive of the wheat market, particularly with Egypt buying some U.S. grain after having relied upon Eastern European origins in recent weeks. The export sales data also seemed supportive of golden grain values. December CBOT wheat gained 3.5 cents to $6.4375/bushel in late Friday morning trading, while December KCBT wheat rose 2.5 cents to $6.9175 and December MGE futures moved up 1.5 cents to $7.1275.

Cattle futures turned mixed Friday morning. Beef prices dipped Thursday, thereby seeming to prompt modest country cattle trading at slightly lower prices Thursday evening. Traders are concerned about the potential for more of the same later today, but the lack of morning activity seemingly boosted the October future somewhat. October cattle futures inched up 0.15 cents to 125.37 cents/pound just before lunchtime Friday, while December slumped 0.25 cents to 128.87. October feeder cattle fell 0.70 cents to 158.10 cents/pound, and January lost 0.45 cents to 157.82.

Hog futures resumed their recent rally Friday. Although the cash and wholesale markets turned sharply lower Thursday, talk that this week’s slaughter will fall well below the year-ago result apparently sparked the resurgence. October hog futures jumped 1.30 cents to 90.70 cents/pound as noon approached Friday, while December surged 1.00 cent to 86.92.

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