Strong soybean sales seemed to boost the corn market. The weekly USDA Export Sales report stated last week’s corn result a bit below forecasts. That might have extended overnight slippage, but traders seemingly paid more attention to another very impressive soy export sales result. December corn futures bounced 3.25 cent to $3.735/bushel late Thursday morning, while May rose 3.25 to $3.95..
Beans and meal left the soyoil market behind Thursday morning. The soybean sales total easily topped forecasts, so the bullish CBOT reaction wasn’t surprisingly. Conversely, soymeal export commitments actually declined over 100,000 tonnes last week, but Chicago futures surged in concert with beans. Falling crude and palm oil prices weighed on bean oil prices once again. January soybean futures jumped 17.0 cents to $10.3625/bushel around midsession Thursday, while December soyoil stalled at 32.72 cents/pound, and December meal leapt $17.8 to $393.1/ton.
Wheat sales also disappointed bulls. Traders have recently worried that relatively high U.S. wheat prices and the ongoing dollar rally are hurting exports. Today’s report confirmed those fears, with the result falling short of modest expectations. Spillover soy strength offered temporary support, but the effect was apparently temporary. December CBOT wheat slumped 0.75 cent to $5.24/bushel as the lunch hour loomed Thursday, while December KC wheat dipped 1.75 cents to $5.8275/bushel, and December MWE wheat slipped 1.25 to $5.585.
Cattle traders may be hearing good things from the country. As usual, very few fed cattle have traded in the country this week. However, today’s early gains suggest price discussions between packers and feedyard managers have trended toward higher levels. Midday beef quotes were narrowly mixed. December live cattle futures vaulted 0.80 cents to 166.00 cents/pound late Wednesday morning, while April futures surged 0.67 to 165.92. Meanwhile, January feeder cattle futures advanced 0.55 cents to 230.75 cents/pound, and March feeders climbed 0.62 to 228.17.
Talk of a November bounce may be supporting hog futures. Although the cash and wholesale markets were stated mixed-to-lower around midsession, hog futures posted modest gains. One has to suspect traders are looking for a short-term bounce of some sort, especially if the recent ham breakdown sparks some late pre-holiday demand. December hog futures moved up 0.32 cents to 87.45 cents/pound around lunchtime Thursday, while April hogs rallied 0.52 to 88.62.