Crop markets trade choppy on Friday

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Corn futures are trading higher at midsession. After opening lower, futures turned higher with support from the firm cash market. Despite generally favorable harvest weather, farmer selling remains light and basis level firm. However, gains are being limited by the dollar turning higher today after the sharp losses on Thursday. December is 2 3/4 cents higher at $6.54 1/4 and March is 2 cents higher at $6.65 1/2.  

Soybean futures are lower at midday. Strength in the dollar and weakness in crude oil has led to some profit-taking in soybeans following the strong gains on Thursday. Some pre-weekend harvest pressure is being noted as weather forecasts are generally favorable for harvest this weekend and next week. Losses are being limited by spillover strength in corn and soybeans. November is 10 cents lower at $12.25 and January is 10 cents lower at $12.34.

Wheat futures are trading mixed at midsession. Futures opened lower as the dollar index is rebounding from the losses yesterday. However, short-covering quickly developed to push some contracts higher. Spillover buying from corn is supporting the CBOT while the KCBT has turned lower amid forecasts for some much needed rainfall in the southern Plains. CBOT December is 1 1/4 cents higher at $6.45 1/4, KCBT December is 3/4 of a cent lower at $7.37 1/4 and MGE December is 8 1/4 cents higher at $9.31 1/4.   

Cattle futures are trading higher at midsession. Short-covering and ideas that cash prices will firm late this week are supporting futures trade. Some cash trade was reported at $120 last week, steady to $1 lower with the previous week, but asking prices have reportedly been raised on the rest of the cattle available this week. Rising boxed beef prices are also supporting the market. October is 85 cents higher at $121.60 and December is 45 cents higher at $120.35.

Lean hog futures are higher at midday. Short-covering ahead of the weekend and the discount of December futures to the cash market is supporting the market. However, gains are being limited by steady to $1 lower cash trade. Packer margins remain favorable and cutouts were up 48 cents on Thursday, which could help support the cash market next week. December is 45 cents higher at $87.10 and February is 53 cents higher at $90.20.



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