Ag markets remained generally weak Thursday morning
The weekly export data undercut grain and soy futures. The weekly USDA Export Sales report stated last week’s corn sales well below forecasts. That seemingly exacerbated pessimism based upon word that China had rejected two more U.S. corn shipments due to contamination with an unapproved GMO strain. And yet, the yellow grain market rebounded by late Thursday morning, thereby illustrating its underlying support. March corn dipped 0.5 cent to $4.36/bushel around midsession Thursday, while May lost 0.25 to $4.4425.
Soy exports also disappointed Thursday morning. Not only did the weekly Export Sales report state last week’s soybean sales below expectations, meal and oil marketings also proved surprisingly small. A daily report indicating a recent 110,000-tonne sale to China probably mitigated the resulting pressure, as did a surprising rebound in soyoil values. January soybean futures fell 9.5 cents to $13.20/bushel by late Thursday morning, while January soyoil surged 0.32 cents to 40.67 cents/pound, and January soymeal dropped $5.2 to $425.1/ton.
The export report exacerbated the impact of Wednesday’s Canadian news. Wheat futures continued their bearish Wednesday reaction to the big Canadian production news early this morning. The losses grew after the weekly Export Sales total fell well short of forecasts. March CBOT wheat futures tumbled 5.0 cents to $6.5675/bushel just before lunchtime Thursday, while March KCBT wheat futures slumped 4.0 cents to $7.0025, and March MWE futures sank 2.5 to $6.90.
Cattle futures suffered a technical breakdown Thursday morning. Generally supportive supply conditions, the winter storm threat and a favorable result on the monthly beef export report seemed set to spark a bullish breakout in cattle futures. Instead, the most-active February contract violated major chart support and turned sharply lower this morning. That seemingly bodes ill for the short-term outlook. February cattle futures plunged 0.82 cents to 133.60 cents/pound in late Thursday morning action, while the April contract dove 0.67 to 134.27. Meanwhile, January feeder cattle edged down 0.05 cents to 165.00 cents/pound, and March feeders dipped 0.22 to 165.12.
Hog market bulls seemingly regained confidence this morning. Although persistent cash and wholesale losses are weighing heavily upon the expiring December hog contract, its 2014 counterparts reduced their early losses by late Thursday morning. That seemingly reflects ideas that any supply excesses now depressing the market will prove temporary. February hog futures slipped 0.30 cents to 88.70 cents/pound as lunchtime loomed Thursday, while June sagged 0.30 to 99.57.
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