Corn futures closed strongly lower on Thursday. The market was pressured by continued global economic uncertainty and talk that feed wheat was being imported into the U.S. from Brazil. In addition, weekly export sales reported this morning of only 9.9 million bushels fell way below pre-report trade expectations. December ended 10 1/2 cents lower at $6.45 1/2 and March was 10 1/4 cents lower at $6.54 3/4.
Soybean futures traded solidly lower on Thursday. Spot soybean futures fell to the lowest level in a month on fund long liquidation. Export demand remains sluggish although weekly export sales reported this morning of 22.3 million bushels were above the high end of pre-report trade estimates. Some residual weakness was also noted from USDA raising its ending stocks estimate more than expected on Wednesday. January closed 17 3/4 cents lower at $11.58 and January was 18 cents lower at $11.67 1/2.
Wheat futures were strongly lower on Thursday. Reports of feed wheat being imported to the U.S. from Brazil weighed heavily on the market. That news coupled with sluggish export demand put futures on the defensive. Weekly export sales reported this morning were only 11 million bushels, which fell below the range of analyst’s estimates. Egypt’s tender this week was filled by the Ukraine and Russia, with none of the business going to the U.S. CBOT December closed 23 cents lower at $6.20, KCBT December was 16 cents lower at $6.97 and MGE December was 6 1/4 cents lower at $9.45 1/2.
Cattle futures closed lower on Thursday. Strength in the cash market helped support this morning. Cash trade was reported at $124 to $127, up strongly from the $121-$124 trade last week. However, futures fell on concern that the cash market is topping. Wholesalers are expected to finish holiday orders soon, which could pressure beef prices. December ended $1.00 lower at $121.60 and February was 80 cents lower at $123.65.
Lean hog traded mixed on Thursday. Front end futures were supported by short-covering and futures’ discount to the cash market. There is talk of renewed export business as China and Japan take advantage of recent price weakness to purchase pork for their holidays. But deferreds were lower on continued uncertainty about the global financial markets. December closed 60 cents higher at $85.75 and February was 33 cents higher at $87.28.