Crop markets rebound on Friday

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Corn futures are strongly higher at midday. The corn market is rebounding from the sharp losses posted on Thursday. Declining crop production prospects and hot and dry weather in the Corn Belt this week that could push crop condition ratings lower are supportive factors. Further gains are being limited by strong losses in the stock market and crude oil and strength in the dollar index. December is 20 cents higher at $7.58 1/2 and March is 19 1/4 cents higher at $7.57 3/4.  

Soybean futures are trading higher at midsession. Futures are rebounding from the strong losses posted on Thursday as traders gear up for the extended Labor Day weekend. Concerns about the size of the crop remains following the hot and dry weather in the Midwest this week. Further gains are being limited by weakness in the stock market and crude oil and strength in the dollar index. November is 12 1/4 cents higher at $14.47 3/4 and January is 12 1/2 cents higher at $14.57 3/4.

Wheat futures are higher at midday. The market is higher on a short-covering bounce following the strong losses yesterday. Traders are gearing up for the three-day holiday weekend. Strength in corn, spring wheat production shortfalls and dry conditions in the southern Plains are bullish factors. Further gains are being limited by losses in the stock market and strength in the dollar index. CBOT December is 14 3/4 cents higher at $7.30 1/4, KCBT December is 11 1/2 cents higher at $8.59 1/2 and MGE December is 12 1/4 cents higher at $9.44 1/4.     

Cattle futures are trading higher at midsession as traders are evening positions ahead of the extended holiday weekend. Cash trade has yet to develop this week as packers and feedlots remain in a stalemate. Packers are trying to lower bids due to declining beef prices while feedlots point to favorable packer margins. October is $1.20 higher at $114.80 and December is 88 cents higher at $119.83.

Lean hog futures are slightly higher at midday. Futures trade has been choppy this morning as traders gear up for the extended Labor Day weekend. Cash fundamentals remain bearish. Pork cutouts were down $1.13 on Thursday and cash markets continue to trade lower. Futures discount to cash has narrowed significantly this week. October is 18 cents higher at $85.35 and December is 45 cents higher at $82.45.



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