OMAHA (DTN) -- July corn is up 5 1/2 cents, July soybeans are up 10 cents, July Chicago wheat is up 5 cents. All three are benefitting from an early response of commercial buying after Thursday's big drop in Brazil's real. July soybean oil is up 0.34 after July palm oil posted its highest close in eight weeks overnight. July K.C. wheat is up 7 cents after severe storms hit Kansas and Oklahoma late Thursday. The June U.S. dollar index is down 0.63.
Posted 08:39 -- After the 8:30 open, July corn is up 4 1/2 cents, July soybeans are up 6 3/4 cents, July Chicago wheat is up 4 cents and the June Brazilian real is up 1.4%. It appears that the dust may have settled after Thursday's unexpected drop in Brazil's currency which sent corn and soybeans lower. Traders are once again noticing rain on the weather map interfering with spring planting. In spite of this week's scandal-ridden news, the stock market and several other commodities are trading higher -- a quiet return of noncommercials back to higher-risk assets.Livestock
Posted 11:14 -- Lean hog futures are mixed in a narrow range midmorning with most traders watching from the sidelines as the clock ticks toward the end of the week and the focus on sluggish market fundaments limits additional market movement throughout the entire complex. June futures continues to hold a narrow 30 cent loss, while the remainder of summer contracts have trickled higher gains from 2 to 25 cents even though buyer support remains minimal. Cattle buying remains light in the futures market with prices higher but unable to show additional support from early activity. Nearby live cattle markets are holding gains from 60 to 80 cents, and likely to carry this support into closing bell with little additional movement developing through the end of the session.
Posted 09:42 -- Moderate buyer support moved back into cattle futures during the first hour of trade with 50- to 70-cent gains seen in live cattle and feeder cattle contracts as the initial selling pressure quickly ran out of steam within the first few minutes of trade. The pressure in cash markets through the week appears to be creating some market stability in the complex and could be creating a market floor in the complex, which may draw commercial buyers back to the table over the next few trading sessions. It is uncertain just how much additional momentum this trade support will have, but market stability at this point is a welcome sign. Lean hog futures are mixed in a very narrow trading range as the focus remains focused on narrow losses in cash hog values over the last couple of days.
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