Soy advances, wheat and corn ease on Thursday
Corn futures closed slightly lower on Thursday. Corn futures closed the electronic trading session disappointingly lower. The market traded higher most of the session only to give back gains on selling pressure tied to corn harvest, but weakness is the dollar index and strength in the soybean market limited downside momentum. Weekly export sales were neutral at 326,900 tonnes, which was within the trade estimate of 200,000 to 400,000 tonnes. December corn closed 1/2 cent lower.
Soybean futures closed higher on Thursday. Soybean futures closed the electronic trading session higher for the second consecutive day on bullish export sales data and bargain buying by traders. Weekly export sales totaled 1,296,600 tonnes, topping the higher end of trade expectations, indicating firm demand for U.S. soybeans. Prices were also supported by weakness in the dollar index and reports of substantial weather damage to the Canadian canola crop. November soybeans closed 17 ¾ cents higher.
Wheat futures closed lower on Thursday. Wheat futures were initially supported by strength in the soy complex; however prices began to ease on lackluster demand for U.S. wheat. Prices were stuck in a sideways trading pattern most of the session although the other grain markets seemed to push higher. Weekly exports were bearish again this week, totaling 307,000 tonnes on the low end of trade expectations. December wheat closed 4 cents lower (CBOT), 4 cents lower (KCBT), and 3 ½ cents lower at MGE.
Live cattle futures closed lower on Thursday. Cash trade began to pick up shortly after midday with packers raising their bids $1 to $2 higher. However, some buyers were reluctant to accept bids because they still remained shy of asking prices. Midday wholesale beef prices were higher and weekly export sales were supportive but had a minimal effect on offsetting losses. October cattle futures closed 75 cents lower, while December closed down 33 cents.
Lean hog futures closed higher on Thursday. Front month (October) contract extended triple digit gains to close over 2 percent higher than the previous session’s closing prices. The December contract closed higher but eased off of session highs on spillover pressure from the deferred contracts. The market will continue to see support from improving fundamentals and good demand. Concerning the cash trade, prices were reported steady to $2 higher at some terminals. October futures closed up $1.78 while December closed $18 cents higher.
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