Ag markets widely mixed again Thursday morning

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Anticipation of accelerating harvest rates may be weighing upon corn futures. Today’s events seemed quite supportive of corn prices at this point, with the strong result on the delayed Export Sales report and talk of vigorous global feedgrain demand supporting prices in the early going. Strong equity index gains and US dollar weakness also seemed supportive. Nevertheless, prices turned downward around midsession, thereby seeming to mark a reaction to ideas that fine weather will allow the Corn Belt harvest to accelerate sharply during the days ahead. December corn futures dipped 3.5 cents to $4.3925 late Thursday morning, while May futures sagged 3.75 cents to $4.605.

Soymeal gains dominated the soy complex Thursday morning. Traders expected the Export Sales report to state early-October soymeal exports in the 150,000-250,000 tonne range. The actual figure came in at 1.189 million, thereby suggesting global demand is far exceeding expectations. Thus, while concerns about the harvest are affecting bean prices, the resulting soymeal advance seemed to boost the nearby contracts. Soy oil prices suffered from negative palm oil moves and from being on the wrong side of the crush spread. November soybean futures rose 5.0 cents to $13.15/bushel just before lunchtime Thursday, while December soyoil lost 0.14 cents to 41.36 cents/pound, and December soymeal surged $5.3 to $426.7/ton.

Most wheat futures also lost ground in this morning’s trading. Fresh reports that India’s cabinet will lower the floor price asked for the country’s wheat on the international market probably weighed upon golden grain prices in early action. The Export Sales data were largely neutral for the market. Still, talk of a tightening global situation apparently limited losses. December CBOT wheat futures slipped 1.75 cents to $7.00/bushel by late Thursday morning, while December KCBT wheat futures declined 2.5 cents to $7.6825 and December MWE futures were stumbled 1.0 cent to $7.5775.

Surging beef prices continue supporting cattle futures. CME prices dipped Wednesday afternoon despite strong cash news. Traders apparently worry about late-year weakness. However, the late afternoon wholesale report stated cutout values significantly higher once again, which very likely powered the subsequent rebound. December cattle rallied 0.30 cents to 133.05 around midsession Thursday, while April slid 0.10 to 134.90. November feeder cattle sank 0.37 cents to 167.25 cents/pound and January feeders lost 0.27 to 167.30.

Cash strength may have sparked fresh hog buying Thursday. Concerns about the short-term outlook have rather clearly weighed upon the hog and pork complex lately. However, the CME lean hog index has bounced from its initial post-USDA-shutdown quote, thereby seeming to offer bulls hope in potentially avoiding traditional late-year losses. December hog futures jumped 0.65 cents to 88.80 cents/pound as the lunch hour loomed Thursday, while April leapt 1.10 cents to 91.70 cents/pound.

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