Ag markets narrowly mixed Friday morning
Corn futures seemingly followed wheat higher overnight. There was little news concerning the corn outlook. In fact, the only major item that came too light, that a South Korean firm had rejected offers on a large tender, appeared to hold bearish implications. Traders may be thinking forecast rains will delay the harvest further, but the main driver of early corn gains was probably strength spilling over from wheat. December corn futures edged up 1.5 cents to $4.4075 around dawn Friday, while May added 1.5 cents to $4.6175/bushel.
The soy complex turned downward in early Friday trading. Traders are apparently thinking the forthcoming U.S. soy harvest will top expectations. Wire service reports indicate early harvest totals are exceeding expected levels, thereby suggesting that trend will persist as harvesting activity moves north. November soybeans sank 6.25 cents to $12.82/bushel late early Friday morning, while December sagged 0.23 cents to 40.04 cents/pound, and December soymeal dipped $1.7 to $413.6/ton.
The ongoing wheat rally persisted Thursday night. In addition to the widespread belief that global demand is quite robust at this juncture, a U.N. organization significantly reduced its estimate of 2014 stockpiles Thursday. Despite ideas that the markets might be due for a short-term setback, they rose again overnight. December CBOT wheat gained 2.0 cents to $6.9125 bushel in early Friday action, while December KCBT wheat inched 0.75 cents higher to $7.5625, and December MGE futures advanced 3.25 cents to $7.535.
Cattle futures declined in overnight action. The lack of USDA information continues hampering the livestock markets, with many traders apparently opting to stand aside at this time. News of firm Southern Plains prices gave the Chicago market a temporary boost Thursday, but later reports of weaker Nebraska quotes seemingly dragged prices back down last night. December cattle futures slid 0.20 cents to 131.57 cents/pound as the sun rose over Chicago Friday, while April slipped 0.27 cents to 134.52. Meanwhile, November feeder cattle fell 0.22 cents to 165.40 cents/pound, and January dropped 0.40 to 165.00.
Hog futures moved slightly mostly in early Friday trading. Again, the lack of USDA news is very likely limiting activity in the hog pit. Talk of steady-weak prices at the various country markets probably supported CME prices, since the nearby contracts have significant discounts built into them. Traders may also believe the USDA overestimated current swine numbers on last Friday’s Hogs & Pigs report, thinking fall prices will be stronger than the report implied. December hog futures rose 0.10 cents to 86.87 cents/pound early Friday morning, while April lifted 0.02 cents to 89.67.
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