Corn, wheat lagged the other ag markets Thursday morning

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Corn futures were flat despite supportive export data. Corn futures continue their recent pattern of sideways trading Thursday morning. That didn’t change despite a strong sales result (929,400 tonnes) on the weekly Export Sales report. March corn slipped 0.25 cent to $4.5525/bushel late Thursday morning, while May rose 0.25 to $4.6075.

The soy complex surged on Thursday’s export news. Soybeans posted a surprising advance in the early morning hours, then accelerated upward after the Export Sales report was released. The totals met moderate industry expectations, but the simple fact that commitments were already running above the USDA total for the crop year emphasized the strength of current global demand. March soybeans leapt 22.75 cents to $14.30/bushel around midsession Thursday, while March soyoil bounced 0.37 cents to 41.57 cents/pound, and March soymeal surged $5.0 to $473.3/ton.

Late export news is weighing upon wheat markets again today. The weekly USDA Export Sales report stated last week’s wheat result slightly above forecasts, which may have offered modest support for golden grain futures. However, U.S. wheat was excluded from the subsequent Egyptian announcement of the sales of its latest tender, thereby seeming to confirm talk that American grain is too expensive. March CBOT wheat futures slipped 1.5 cents to $5.985/bushel in late Thursday action, while March KCBT wheat futures sagged 1.5 cents to $6.775, and March MWE futures dropped 7.75 to $6.625.

Cattle futures continued building on Wednesday’s spike. Rising beef prices caused beef packers to pay up for fed cattle yesterday, with Nebraska cattle reportedly trading at a record of $152/cwt (cents/pound). Nearby futures spiked upward and continue rising in today’s trading. April cattle futures advanced 0.85 cents to 145.37 as lunchtime loomed Thursday, while August moved up 0.12 to 132.65. Meanwhile, March feeder cattle rose 0.07 cents to 172.17 cents/pound, and May rallied 0.07 to 174.57.

Hog futures are soaring on a Russian report. Ongoing cash gains were apparently spurring hog futures to extraordinary highs Thursday morning. A report that Russia will end its ban on U.S. pork on March 10 apparently added fuel to the fire, despite the fact that this news actually came out before the Sochi Olympics started. April hogs rocketed up the daily 3.0-cent limit to 104.02 cents/pound late Thursday morning, while June jumped 0.97 to 109.32.

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