Corn futures ended the week on a strong note. The annual USDA report on farmer enrollment in subsidy programs was published early Friday morning. They enrolled 83.322 million acres of corn, with 1.54 million classified as ‘prevent planted.’ Nearby futures rose modestly in response, since the indicated acreage totals seemed surprisingly small. Nearby futures topped short-term MA resistance. September corn gained 3.75 cents to $3.6575/bushel at their Friday settlement, while December climbed 3.5 to $3.77.
The soy complex ended the week in mixed fashion. The early-Friday USDA data stated bean acreage enrolled in subsidy programs at 79.25 million acres, with 827,000 acres deemed as ‘prevent planted.’ As with corn, the total looks low, which supported bean and meal futures. Demand strength also boosted nearby contracts. Meanwhile, the bearish vegoil situation continued weighing on soybean oil futures and appeared to drag deferred beans down as well. September soybean futures closed up 4.25 cents at $11.025/bushel Friday afternoon, while November futures sank 4.0 cents to $10.52. September soyoil dove 0.64 cents to 32.87 cents/pound, but September soymeal marched up $5.9 to $388.3/ton.
The wheat markets posted a sizeable Friday advance. The USDA-FSA report stated enrolled U.S. wheat acreage at 52.57 million acres, with 1.36 million defined as ‘prevent planted.’ Again, the participation rate seemed low. That supported futures, but talk of fresh rainfall over Europe, and concerns about the Black Sea situation seemed to power the advance. September CBOT wheat surged 14.0 cents to $5.5125/bushel at Friday’s close, while September KC wheat advanced 11.75 cents to $6.1975/bushel, and September MWE wheat moved up 6.25 to $6.12.
Cattle futures posted a late surge. Cattle futures bounced from early-week losses Thursday in reaction to news of emerging cash market stability. Deferred futures sustained the bounce Friday and were later joined by the nearby contracts, which likely reflected news of relatively firm southern Plains trading. October live cattle futures bounced 0.40 cents to 147.75 cents/pound in late Friday trading, while December futures advanced 1.25 to 150.90 cents/pound. Meanwhile, September feeder futures leapt 2.05 cents to 215.10 cents/pound and November futures jumped 1.87 to 213.65.
CME hogs moved mostly higher Friday. Tumbling cash and wholesale prices have recently depressed CME futures, although the markets apparently stabilized Thursday. The spot markets proved quite weak again at noon, but only the nearby October future ended the day lower. Traders seemingly think the mid-summer drop has largely run its course. October hogs ended Friday having dipped 0.30 cents to 94.95 cents/pound, while December rallied 1.30 cents to 89.05.