By: NATHAN STUEDLE
GRAINS:
December corn closed unchanged at $3.97 1/4 and March corn was down a penny at $4.14. November soybeans closed down 15 3/4 cents at $10.28 1/2 and January soybeans were down 14 1/2 cents at $10.48 1/4. September KC wheat closed down 2 1/2 cents at $5.04 1/4, September Chicago wheat was down 3 3/4 cents at $5.03 1/2 and December Minneapolis wheat was down 0.04 cents at $5.92.
The soybean market retreated Thursday, halting a 3-day rally, as did soy products. Both Chicago and Kansas City wheat fell to new contract lows before bouncing and corn was mixed to lower in quiet trade. December corn came within a half-cent of the low before stabilizing. Bean oil futures resumed the downtrend.
LIVESTOCK:
Even though the live cattle complex was grateful to close higher Wednesday afternoon and see fed cash cattle prices trade higher in the North. The market is struggled as the week's export report was lousy and traders are holding their breath, waiting to see if the complex falls below last Friday's close, which would be a bearish technical signal. Last Friday, the market traded as low as $225.60, which will be the threshold we need to continue to monitor. A few cash bids are on the table as live bids are being offered at $233 in Texas. Live bids are being offered in Nebraska at $245, but no trade has developed yet following Wednesday's movement in the Nebraska where dressed cattle were trading at $385, which is $4.00 higher than last week's weighted average.
And as one would logically expect, the feeder cattle complex also traded significantly lower after seeing the live cattle contracts duck and run. Traders believed that was the best route to send the feeder cattle contracts as well. Again, this decision is solely one being made on technical indications as demand in the countryside remains nearly unfathomable for feeder cattle. It's looking like the fed cash cattle market may be able to trade cattle for higher money this week, but time will tell.
The lean hog complex traded lower as well into Thursday's closing bell, as traders remain displeased about the morning's export report and didn't finding the morning's fundamental support to be sufficient enough to keep steady. The cutout's biggest problem this morning was the $4.96 decline in the picnic.