Strong export data boosted corn futures Thursday. The Black Sea situation seemed to weigh on grains Wednesday night. However, the weekly USDA Export Sales report proved quite supportive of the yellow grain market, since the latest total easily topped industry expectations. Traders may also be looking for bullish revisions on next Monday’s WASDE report. May corn climbed 9.0 cents to $4.91/bushel Thursday afternoon, while December gained 6.0 to $4.8925.

The morning export data spurred soy gains as well. Talk of strong export potential and rain delays to the South American harvest supported the soy complex early Thursday morning. The good USDA numbers released soon thereafter apparently pleased bullish traders, since they pushed futures even higher. Rising Asian palm values reportedly triggered fresh buying of soyoil futures. May soybeans rallied 17.5 cents to $14.38/bushel at Thursday’s close, while May soyoil leapt 1.09 cents to 44.49 cents/pound, and May soymeal gained $1.3 to $450.9/ton.

The wheat markets firmed after the export report. As in corn futures, uncertainty about the Black Sea situation weighed upon the wheat markets in early trading. But wheat futures also rebounded in response to the Export Sales data, although the stated results were not as strong as those posted for corn. The Canadian transport situation seemingly boosted Minneapolis futures once again. May CBOT wheat futures settled 3.5 cents higher at $6.46/bushel Thursday, while May KCBT wheat futures added 3.0 cents to $7.1325, and May MWE futures bounced 6.5 at $6.9525.

Cash weakness undercut cattle futures Thursday. Although wholesale prices have leapt again this week and fed cattle supplies remain extremely tight, beef packers persuaded Kansas producers to sell a few cattle $2.00/cwt lower (at $148) Wednesday evening. That news suggests more of the same today and/or tomorrow, which rather obviously weighed upon CME futures. April cattle futures fell 0.52 cents to 143.15 cents/pound at their Thursday settlement, while August slumped 0.25 cents to 133.15. Meanwhile, April feeder cattle dove 1.20 cents to 172.80 cents/pound, and August dropped 1.00 to 175.42.

hogs - 03/06/2014 02:24:22
Hog futures bounced from Wednesday’s late lows. Talk of sharply reduced hog slaughter this week encouraged bullish hog traders again this morning. Bulls also appeared to be reacting to fresh talk of strong cash markets. Midday wholesale slippage probably limited the gains. April hogs jumped 1.67 cents to 112.40 cents/pound in late Thursday trading, while June advanced 1.60 to 119.35.

cotton - 03/06/2014 02:24:22