By: NATHAN STUEDLE
St. Joseph Post
GRAINS:
May corn closed up 5 1/4 cents and December corn was up 2 cents. May soybeans closed up 12 3/4 cents and November soybeans were up 8 cents. July KC wheat closed up 1/2 cents, July Chicago wheat was up 1 cents, July Minneapolis wheat was up 3/4 cents.
It was overall a strong day for U.S. row-crop markets as corn and wheat futures reversed from recent down spells in price, attracting buyers at support points on their respective charts. For wheat, prices spent much of the session lower before buyers stepped in by the early afternoon to spark a reversal. Soybean futures accelerated gains throughout the session, turning what was initially a respectable 5- to 6-cent move into a double-digit push higher, making technical headway in the process. Outside markets were mostly of a positive influence on the ag complex Thursday, with stock indices higher, a weaker U.S. dollar, and steady energy prices.
LIVESTOCK:
The live cattle complex yet again traded mostly higher as traders continue to believe in the market's long-term bullishness. The nearby June contract the lone exception only slightly lower, but that seems to be a mere pause in the market's rally until traders are given green-light fundamentally, which hopefully will come in the form of stronger cash cattle sales. It's fully anticipated that fed cash cattle prices will be higher again this week, but no trade has developed just yet.
The feeder cattle complex finished the session strong in the last hour of trade, eliminating red from the board. Traders are hoping more fundamental support will develop but have nothing tangible to ease their jitters. Demand still remains utterly incredible in the countryside, and that seems to be helping traders in this exact scenario.
The only real win throughout the day for the lean hog complex was the fact that midday pork cutout values were higher. But in the wake of sharply lower exports, lower cash prices and some technical hesitancy, the contracts were trading softly lower. At this point it's likely that packers have fulfilled their bulk needs in the cash market and will only vaguely participate through the remainder of the week.
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