By: NATHAN STUEDLE
GRAINS:
December corn closed up 6 1/4 cents and March corn was up 6 1/4 cents. January soybeans closed up 13 1/4 cents and March soybeans were up 12 3/4 cents. December KC wheat closed up 1/4 cents, December Chicago wheat was down 1/4 cents, December Minneapolis wheat was unchanged.
Thursday was a day of general strength across row-crop futures with the soybean complex once again leading the way higher, specifically with another burst of bullishness in the soybean meal market as prices set new calendar year highs. With the government shutdown officially ended following President Trump's signing of the funding bill, and operations set to ramp up again, Thursday's strength may be a display of optimism that the release of missing data will support the recent bullish swing in crop prices. Grain and oilseed markets will receive a big piece of the puzzle on Friday morning when USDA releases their November supply and demand estimates after six weeks of relatively few updates from the agency.
LIVESTOCK:
With some light trade in the South developing at $282 (which is $3.00 lower than last week's weighted average), combined with seeing boxed beef prices trading lower too -- it comes as no real surprise that the live cattle contracts were trading lower into Thursday's closing bell. And some extremely light sales have been reported in Nebraska at $351, but not enough cattle have traded to say that any sort of a trend has been established this week. Without fundamental support rising to comfort traders, it's likely that a downward trend will remain with the market at least today, and potentially into Friday's session as well.
With the fundamentals in the live cattle complex not helping boost bullish sediment, the feeder cattle contracts were once again left to trade lower. And until the live cattle complex finds some support, it's likely that the feeder cattle market will continue to trade lower in its shadow.
With there not being much interest in the cash market and pork cutout values are lower too, the lean hog complex also traded lower into Thursday's closing bell. And until there's an improvement in the market's fundamentals, mainly from consumers in the form of stronger pork cutout values, it's unlikely that the market will find much upward potential.