Ag markets turned mostly lower again Thursday

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The large US harvest may have depressed corn futures again Thursday. Corn futures fluctuated in early trading. The huge three-week total on the weekly USDA Export Sales report seemed quite bullish, but CBOT futures were stunningly flat in late-morning trading. That weak reaction seemingly sparked afternoon selling. December corn futures closed 2.0 cents lower at $4.2825/bushel Thursday afternoon, while the May contract lost 2.5 cents to $4.475.

An attaché report may have depressed soybeans. The USDA attaché in Argentina reportedly boosted the unofficial estimate of that country’s forthcoming soybean crop by 4.0 million to 57.5 million tonnes. That probably explains today’s soy complex losses despite a huge soybean total on the weekly Export Sales report. November soybean futures fell 7.25 cents to $12.8025/bushel in late Thursday trading, while December soyoil sagged 0.29 cents to 41.33 cents/pound, and December soymeal tumbled $8.2 to $403.6/ton.

The export data apparently disappointed wheat traders Thursday. The weekly USDA Export Sales report stated wheat sales around 1.309 million tonnes, thereby comparing rather poorly to forecasts in the 1.5-2.0 million-tonne range. Reports that the Canadian rail strike is ending may also have undercut the markets, since that implies freer flowing Canadian supplies in the near future. December CBOT wheat futures dropped 7.5 cents to $6.6775/bushel at Thursday’s settlement, while December KCBT wheat futures slid 7.25 cents to $7.405, and December MWE futures slipped 1.75 to $7.3025.

Cattle futures were mixed ahead of the COF report. Cattle futures traded in decidedly mixed fashion prior to the afternoon release of the monthly USDA Cattle on Feed report. The release seemed supportive of nearby December futures and neutral for the deferred contracts. That’s largely how the market traded in late afternoon action. December cattle settled 0.40 cents lower at 132.72 cents/pound when CME pit trading ended Thursday, while April skidded 0.17 to 133.77. November feeder cattle tumbled 0.57 cents to 164.37 cents/pound, and January feeders plunged 1.12 to 163.67.

Sliding cash and wholesale prices exerted fresh pressure upon hog futures Thursday. After suffering general losses Wednesday, cash hog and pork prices seemed weak in early Thursday trading. Concerns about seasonal weakness probably added to short-term pessimism. The monthly Cold Storage report released later in the day seemed rather bearish as well. December hog futures crashed 1.22 cents to 89.17 cents/pound in late Thursday action, while April sank 1.07 cents to 93.37 cents/pound.

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