Corn futures closed strongly lower on Thursday. Strength in the dollar and long liquidation ahead of a jobs speech by President Obama tonight weighed on the market. Some consolidation trade was also noted as traders even positions ahead of the Crop Production and Supply/Demand reports due out on Monday. December ended 14 cents lower at $7.34 and March was also 14 cents lower at $7.46 3/4.
Soybean futures traded lower on Thursday. The market was pressured by long liquidation and profit-taking ahead of a jobs speech from President Obama tonight. Positioning ahead of the USDA September Crop Report next Monday s also pressured trade. However, further losses were limited by declining crop condition ratings and yield prospects due to dry soil moisture levels in parts of the Midwest. November closed 2 1/2 cents lower at $14.18 1/4 and January was 3 cents lower at $14.28 1/2.
Wheat futures were solidly lower on Thursday. Strength in the dollar and positioning ahead of the USDA reports due out next Monday pressured the futures market. Sluggish export demand and the bearish global supply/demand outlook also pressured prices. Increased competition for exports is coming from the Black Sea region. Egypt bought wheat from Russia and Kazakhstan this week, but none from the U.S. CBOT December closed 13 1/2 cents lower at $7.38, KCBT December ended 13 cents lower at $8.46 and MGE December was 18 1/4 cents lower at $9.08 1/4.
Cattle futures traded higher on Thursday. Ideas of firm cash trade this week and stabilized beef prices supported the market. Packers are short-bought and are expected to be forced to raise bids to fill slaughter needs. But gains in deferred futures were limited by concern about the U.S. economy and uncertainty about post Labor Day beef demand. October closed $1.18 higher at $118.83 and December was 35 cents higher at $119.05.
Lean hog futures were higher on Thursday. Strength in pork cutout values and the cash market supported the futures market. Pork cutouts were up $1.13 yesterday and cash markets were steady o $1 higher today. A big Saturday slaughter is planned to help make up for the plant closures on Monday due to the Labor Day holiday. October closed $1.95 higher at $86.80 and December ended 73 cents higher at $83.13.