By: NATHAN STUEDLE
Grain Market Summary
Grain futures finished mostly lower Thursday, with corn giving back a sizable portion of Wednesday’s post-USDA rally.
Corn was under pressure across the board. September corn dropped 9 cents to $4.48, while December lost 8 and three-quarter cents to $4.72. March corn was down 8 and three-quarter cents at $4.87 and three-quarters. The losses came as traders took profits following Wednesday’s strong reaction to USDA’s lower-than-expected corn yield estimate.
Soybeans were narrowly mixed to lower. September beans gained three-quarters of a cent to $11.66, while November slipped one cent to $11.82 and a quarter. January lost a penny and a half, with deferred contracts also modestly lower. Soybean meal finished down roughly a dollar per ton.
Wheat was mixed to slightly lower. September Chicago wheat finished unchanged at $6.52 and three-quarters, while December lost a penny and a half. Kansas City September wheat slipped a quarter-cent to $7.20 and a half, with December down 3 cents at $7.34 and three-quarters.
So, after Wednesday’s USDA-driven rally, Thursday brought some consolidation and profit-taking, particularly in corn, while soybeans and wheat finished much closer to unchanged.
Livestock Market Summary
It was a sharply lower Thursday across the livestock futures, with losses in live cattle, feeder cattle and lean hogs.
Live cattle took the biggest hit in the nearby contracts. August fell $4.35 to $226.22 and a half, while October dropped $3.75 to $220.05. December cattle lost $3.35, with losses continuing throughout the deferred contracts.
Feeder cattle were also lower across the board. August feeders dropped $3.52 and a half to $342.82 and a half, September lost $2.15 to $337.20, and October fell $1.60 to $328.80. The weakness follows Wednesday’s technical selling in cattle, with higher grain prices and concerns about consumer demand adding pressure to the market.
Lean hogs joined the selloff. August slipped 20 cents to $95.47 and a half, but losses increased farther out the board. October dropped $1.42 and a half, December fell $1.60, and February hogs were down $1.70.
So, a decidedly bearish livestock session Thursday, with every contract shown on the cattle, feeder cattle and hog boards finishing in the red, and the steepest losses coming in nearby live cattle.