Thursday’s corn export data was rather disappointing. Corn futures rose slightly despite the early soy setback from Wednesday’s late highs. Yellow grain prices remained firm prices moved lower this morning, due in part to likely trader disappointment with the results of the weekly USDA Export Sales report. The corn total fell well short of forecasts. December corn futures inched up 0.75 cent to $3.76/bushel around midsession Thursday, while May added 0.25 to $3.9725.
Soy market bulls may be taking profits. The tight supply situation for soybeans and meal apparently continued supporting those markets last night. However, futures turned decidedly lower this morning despite a flat result on the weekly Export Sales report and news of a sizeable sale to China this morning. One has to suspect bulls are taking profits after the overnight loss of upward momentum. November soybean futures fell 11.75 cents to $10.7125/bushel just before lunchtime Thursday, while December soyoil inched 0.04 cents higher to 34.22 cents/pound, and December soymeal dove $9.1 to $388.1/ton.
The wheat markets edged upward. Concerns about the production potential of Australian and the Black Sea wheat are probably offering continued support for wheat futures. However, today’s early soy and corn weakness are undercutting prices despite a good result on the Export Sales report. December CBOT wheat gained 3.75 cents to $5.42/bushel late Thursday morning, while December KC wheat rose 1.25 to $6.0775/bushel, but December MWE wheat crept up 0.5 to $5.83.
Stalling beef quotes may be undercutting the CME cattle rally. After staggering around again Wednesday, cattle futures climbed in early-Thursday trading. However, futures turned mixed around midsession, possibly due to flat readings from the wholesale market. December live cattle futures slid 0.12 cents to 166.62 cents/pound as the lunch hour loomed Thursday, while April futures rallied 0.22 to 165.77. Meanwhile, November feeder cattle futures lifted 0.25 cents to 233.30 cents/pound, and January feeders fell 0.55 cents to 227.40.
Fresh spot market losses are again depressing hog futures. Pork prices bounced Wednesday, which apparently encouraged bullish hog traders. Unfortunately for bulls and producers, today’s early cash and wholesale quotes proved quite weak once again, thereby spurring fresh Chicago selling. December hog futures plunged 1.20 cents to 87.40 cents/pound in late Thursday morning action, while April hogs fell 0.80 to 88.30.