The grain and oilseed markets were higher early Friday morning. China remains on holiday, as they were Thursday, and their markets are closed. New-crop corn export sales disappointed yesterday but corn futures still bounced overnight. The 6 to 10 day weather outlook remains favorable and the remainder of September looks promising. Investors will likely re-balance their portfolios today ahead of the long holiday weekend and the WASDE next Friday at 11:00 a.m. Revised corn yield estimates appear to be in the 167 bu/ac to 168.8 bu/ac range. December corn futures were 1.5 cents higher to $3.63/bushel early Friday morning, while March was 1.25 cents higher at $3.7425.

The soybean complex was firmer overnight after higher than expected new-crop export sales yesterday. The dollar was also lower by .14% to 96.273. Estimates for a revised soybean yield figure next Friday Sep 11 range from 45.0 bu/ac to 47.0 bu/ac. The trade anticipates a surge in fourth quarter soybean sales to China as they are behind their pace from last year. China purchased 110, 000 tons of new crop soybeans this week and a sale of 773,400 tonnes to an unknown destination was reported. November futures were 4.75 cents higher to $8.7425/bushel early Friday, while October soyoil gained .08 cents to 26.85 cents/pound and October was $0.1 higher at $311.20/ton.

The wheat complex was lower overnight as the macro markets are weighing commodities to start the week. STATS Canada will issue their all-wheat stocks report Thursday with trade estimates falling to 6.5 million tonnes, down 37% from a year ago. The trade awaits the release of export inspections data released mid-morning Monday as well the September WASDE due out a week from this Friday. September CBOT wheat futures lost 3 cents to $4.74/bushel early Monday, while Sep KC wheat fell 1.25 cents to $4.565/bushel, and September MWE dropped 0.5 cents to $4.90.

Live cattle futures traded higher Thursday. Boxed beef cutouts were lower, with choice down .78 to 240.19 and select down 1.02 to 228.01. Fundamentals for cattle are generally positive approaching fall/winter as inventory declines and demand ramps up. Cattle slaughter is estimated at 439,000 head so far this week, compared to 435,000 last week, and 357,000 a year ago. October cattle were 0.17 cents higher to 141.60 cents/pound Thursday, while December cattle were 0.55 cents higher at 143.87. October feeder cattle were .30 lower, closing at 196.00 cents/pound while Januaryfeeders closed at 187.62.

Nearby CME hogs futures retreated Thursday after surging Wednesday. With Labor Day nearly upon us, cash hogs values were 0.87 cents lower to 68.02 cent/pound, as buyer interests slows until the next uptick for National Pork Month: October. Hog supply traditionally shifts higher in the fall/winter due the timing of gestational cycles, giving way to seasonally lower prices. Daily hog slaughter came in at 427,000 head, compared to 428,000 last week and 403,000 a year ago. October hog futures lost 0.15 cents to 69.25 cents/pound Thursday, while May hogs dropped 0.75 cents to 76.00.

Cotton futures began the week higher Monday despite Chinese stocks closing lower, perhaps on month-end positioning. The tighter than expected balance sheet for cotton and the drop in the condition rating have given cotton bulls something to talk about as of late but world market problems are now the driver. While the global scene for cotton is largely still plagued by oversupply, the recent bullish data appears to be giving way to world economic and currency struggles, particularly related to Chinese demand fears. December cotton futures lost .13 cents to 63.13 cents/pound Friday, while Mar rose 0.17 cents to 62.85.