Ag markets generally weak early on Friday

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Favorable weather forecasts and long liquidation depressed crop prices Friday morning. The latest weather forecasts seemed somewhat more favorable for growing crops, but were not drought breakers either. Still, traders began exiting long positions ahead of the three-day weekend Thursday night. September corn slipped 2.0 cents to $4.9525/bushel early Friday morning, while December slid 5.25 cents to $4.7625.

The soy complex proved surprisingly vulnerable in early Friday trading. The latest weather forecasts suggest Corn Belt conditions will improve modestly from previous readings during early September. That probably weighed upon soy values to some extent, but the drop was probably exaggerated by bullish profit-taking ahead of the long weekend. September soybeans fell 14.75 cents to $15.25/bushel in overnight action, while November beans dove 18.25 to $13.1525. September soyoil dropped 0.32 cents to 43.46 cents/pound, and September soymeal lost $4.3 to $463.1/ton.

Wheat futures were mixed to lower Thursday night. Wire service reports suggested that recent price declines had triggered fresh wheat buying on the international market. Conversely, the latest weather forecasts implied better chances of rainfall over the northern Plains in early September, which probably accounts for the slippage in Minneapolis futures. September CBOT wheat rose 0.75 cent to $6.42/bushel around dawn Friday, while September KCBT wheat dipped 2.0 cents to $6.99, and September MGE futures declined 1.25 cents to $7.23.

Thursday’s late wholesale slide apparently undercut cattle futures. CME traders have been tracking shifts in beef prices this week, thinking those could presage late-week cash trading. That probably explains the slippage seen in Chicago Thursday night, since beef cutout values fell significantly on the late afternoon report. October cattle futures inched 0.10 cents lower to 126.87 cents/pound around sunrise Friday, and December slipped 0.10 cents to 130.15. September feeder cattle futures bounced 0.60 cents to 156.82 cents/pound, while November climbed 0.27 to 159.05.

Hog traders were disappointed by late Thursday pork news. Ideas that the strong midsession report released Thursday foreshadowed fresh strength in hog prices next month boosted hog futures yesterday. However, late afternoon reports indicated that the midday rise had been quite temporary, so the weakness displayed overnight was not terribly surprising. October hog futures skidded 0.05 cents to 87.27 cents/pound in early Friday trading, while December was steady at 84.30.

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