Crop futures proved quite weak again Friday morning

Dollar strength and harvest prospects are depressing crop markets. Anticipation of another massive U.S. corn crop is depressing prices. Weakness spilling over from the wheat and bean markets, as well as U.S. dollar values at 4.5-year highs are probably exaggerating current losses, despite an early announcement of a big sale to Mexico. December corn futures dipped 4.25 cents to $3.34/bushel in midday Friday activity, while May sagged 4.5 to $3.5475.

The soy complex is also feeling the pressure. The USDA announced another big bean sale to China this morning, but that did little to halt the ongoing slide. Anticipation of a bin-busting harvest, grain weakness and U.S. dollar strength are combining to undercut prices. November soybean futures fell 11.0 cents to $9.605/bushel late Friday morning, while October soyoil skidded 0.08 cents to 32.64 cents/pound, and October soymeal slumped $4.8 to $324.0/ton.

Wheat prices are falling once again. Thursday’s export news was quite disappointing for wheat bulls, since it confirmed the noncompetitive nature of current U.S. quotes on the global market. U.S. dollar values at 4.5-year highs are discouraging traders as well. December CBOT wheat dropped 10.75 cents to $4.78/bushel around midsession Friday, while December KC wheat tumbled 8.25 cents to $5.615/bushel, and December MWE wheat dove 12.5 to $5.3775.

Cattle futures turned mixed Friday morning. Cattle futures have fluctuated widely this week as traders tried to get a handle on the short-term cash outlook. The likely result of this week’s country trading is still unclear, which probably explains the mixed nature of this morning’s CME action. October live cattle futures slid 0.25 cents to 155.35 cents/pound in late Friday morning trading, while December futures lost 0.40 to 158.52. Meanwhile, October feeder futures climbed 0.32 cents to 228.02 cents/pound, and January feeders advanced 0.67 to 220.37.

Big pork gains have powered early hog gains. The cash hog and wholesale pork markets sent mixed signals earlier this week, thereby triggering sizeable CME losses at midweek. However, Thursday’s late pork reports indicated a huge jump in pork cutout values, thereby triggering the subsequent rebound. October hogs soared 2.47 cents to 105.45 cents/pound just before lunchtime Friday, while December jumped 1.12 to 94.92.