Corn remained steady-higher at midsession Friday. Little fresh news concerning corn has emerged before the weekend, but traders don’t seem to be keying upon the outstanding start to the 2015 U.S. corn crop. That may reflect the USDA’s monthly WASDE report scheduled for release next Tuesday, since that will hold the department’s first look at the 2015/16 outlook. We suspect position squaring is supporting prices. July corn
futures inched up 0.5 cent to $3.62/bushel just before lunchtime Friday, while December added 0.5 to $3.775.   
    
The soy complex continues trading in mixed fashion. We also suspect traders are beginning to adjust soybean and product positions ahead of the May 12 WASDE report. Still, talk of big weekend rainfall might easily be seen as triggering a farmer shift to bean planting, as well as improving productive potential. Crude oil strength is once again providing support for soyoil. July soybean futures rose 0.25 cent to $9.7525/bushel late
Friday morning, while July soyoil ran up 0.39 cents to 32.88 cents/pound, and July meal slipped $1.1 to $313.3/ton.      
 
Crop tour results and storm fears are supporting the wheat markets. The result of Wheat Quality Council’s annual wheat tour came in below industry expectations, thereby seeming to boost futures this morning. Talk of big weekend storms and potential damage to standing wheat is also reported to be spurring some buying. July CBOT wheat futures gained 4.75 cents to $4.775/bushel around midsession Friday, while July KC wheat rallied 4.5 cents to $5.0425/bushel, and July MWE wheat advanced 7.5 to $5.3825.   
    
Fresh cash optimism is reportedly boosting cattle futures. The Chicago cattle market has struggled this week, with the usual lack of cash news seeming to limit CME action to range trading. However, late-week beef
gains have apparently increased the chances that beef packers will pay up for cattle before the weekend. Futures have surged in response. June live cattle futures leapt 2.0 cents to 151.62 cents/pound as the lunch hour loomed Friday, while August cattle jumped 1.62 to 149.90. Meanwhile, May feeder cattle futures climbed 0.70 cents to 215.60 cents/pound, and August feeders rallied 0.7 to 217.50.    
    
Surprising spot news is undercutting hog futures. The cash hog and wholesale pork markets have been powering their way higher lately, which rendered Friday morning reports of cash weakness and flat pork quotes quite surprising. Those probably explain bull’s inability to push the most-active June contract above chart resistance at the 84.00 level. June hog futures inched up 0.17 cents to 83.67 cents/pound in late Friday morning action, while December gained 0.15 to 70.45.    

Cotton was also mixed in early afternoon action. The equity markets surged Friday morning, with the underlying implication of future economic strength also seeming to spark buying in the ICE cotton pit. Conversely, the good rainfall being received by the southern Plains at this point are probably improving production prospects for cotton in that region, which would explain flat action in new-crop futures. July cotton lifted 0.18 cents to 65.67 around noon Friday, while December futures crept up 0.03 to 62.46.