Ag markets were quite mixed again Thursday morning

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Corn futures followed wheat lower Thursday morning. After marching upward in concert with the wheat markets lately, CBOT corn prices followed the golden grains lower this morning. The weekly USDA Export Sales report was hardly noteworthy, although bulls may have been somewhat disappointed with the result. May corn fell 3.0 cents to $4.855/bushel by late Thursday morning, while December lost 3.0 to $4.8325.

The soy complex proved decidedly mixed in early trading. Early morning confirmation of Chinese cancellations of Brazilian bean shipments left CBOT futures virtually unchanged Thursday morning. The unsurprising Export Sales data hardly budged prices either. Asian palm weakness seems to be weighing rather heavily upon oil values, which in turn appeared to spur modest meal purchases. May soybeans inched up 2.75 cent to $13.8925/bushel around midsession Thursday, while May soyoil dropped 0.47 cents to 42.95 cents/pound, and May soymeal edged up $2.9 at $439.4/ton.

Bullish profit-taking hit the wheat markets this morning. Production concerns and export optimism have apparently boosted wheat futures lately, with exchange prices responding very well to late developments. And while the weekly export sales report met industry expectations, the lack of bullish news apparently sparked aggressive profit-taking by industry bulls. Futures declined substantially as a consequence. May CBOT wheat futures tumbled 8.0 cents to $6.7575/bushel just before lunchtime Thursday, while May KCBT wheat futures sank 8.0 cents to $7.3975 and May MWE futures slid 6.0 to $7.2475.

Wholesale news is apparently weighing on cattle futures. Spiking wholesale prices have recently supported cattle futures, with Wednesday’s CME advance seemingly anticipating cash gains today or tomorrow. However, cutout values lost their upward momentum yesterday, with select cuts posting a sizeable setback. That probably explains the subsequent drop in Chicago prices. April cattle futures declined 0.57 cents at 143.30 cents/pound by late Thursday morning, while August stumbled 0.42 cents lower to 134.20. Meanwhile, April feeder cattle slumped 0.15 cents to 175.72 cents/pound, and August sagged 0.22 to 177.95.

Big cash and wholesale gains are supporting the hog market. The huge CME hog rally lost its upward momentum Wednesday, with the nearby April contract suffering a significant loss. However, afternoon reports indicated strong gains at both the cash and wholesale levels yesterday, which has almost surely powered the subsequent CME rebound. April hogs jumped 1.85 cents to 117.77 cents/pound late Thursday morning, while June surged 1.60 to 126.92.

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