|Cotton: Midday Report (Friday, May 24, 2013 11:19:50)
The relative absence of cotton news has seemingly rendered the market very vulnerable to technical developments this week, with bulls apparently proving unable to take advantage of pre-holiday profit-taking Friday morning. The situation was not helped by the late-week slide in equity values or the concurrent recovery from early lows by the U.S. dollar. July cotton futures had fallen 0.72 cents to 81.06 cents/pound late Friday morning, while December was down 0.53 cents to 83.11.
|Wheat: Midday Report (Friday, May 24, 2013 11:19:50)
Wheat futures were probably ripe for pre-holiday profit taking Friday after having surged Wednesday and Thursday. Traders are simply less willing to hold onto positions ahead of a three-day weekend. That seems especially true with the equity markets under substantial pressure as well. July CBOT wheat futures declined 4.5 cents to $6.9875/bushel just before lunchtime Friday, while July KCBT wheat sank 5.75 cents to $7.4875, and July MGE futures slid 5.25 cent to $8.08.
|Soybeans: Midday Report (Friday, May 24, 2013 11:19:50)
Soybean futures were mixed Friday morning, with sliding July values reflecting the cash market impact (i.e. reduced demand and active producer sales) of the recent spike. Conversely, gains by the new crop contracts seemed to represent a reaction to the potential for slower plantings later this month. July soybean futures dove 20.0 cents to $14.795/bushel around midsession Friday, while July soyoil dipped 0.28 cents to 49.38 cents/pound, and July soybean meal edged $3.5 lower to $433.5/ton.
|Corn: Midday Report (Friday, May 24, 2013 11:19:50)
Corn futures performed well early this week, especially in the wake of the bearish Crop Progress report released Monday afternoon. Thus, it was not terribly surprising to see prices dip Friday morning, since lots of traders are probably moving to the sidelines over the long holiday weekend. Talk of accelerated plantings and equity market weakness may also have weighed upon prices. July corn slipped 2.0 cents to $6.60/bushel Friday morning; December also fell 2.0 cents to $5.3275.
|Hogs: Midday Report (Friday, May 24, 2013 11:19:50)
Hog futures appeared ready to resume their spring advance Friday after dipping Thursday. That was rather surprising when late-Thursday cash and wholesale weakness was considered. However, the midsession pork report indicated substantial gains, which almost surely encouraged bulls. June hog futures climbed 0.40 cents to 94.60 cents/pound in Friday morning action, while the December contract rose 0.30 cents to 79.70.