By: NATHAN STUEDLE
GRAIN MARKET SUMMARY
Grain markets finished mostly lower Thursday as traders continued to position ahead of Friday’s USDA World Agricultural Supply and Demand Estimates report.
Corn futures closed about 1¾ to 2 cents lower. December corn had traded near $5.00 earlier in the day, but faded as export sales failed to provide much excitement and traders stayed cautious ahead of the USDA numbers. Successful Farming noted that corn and soybeans remained stuck in short-term trading ranges, with this morning’s weekly export sales described as uninspiring.
Soybeans posted the largest decline in the grain complex, finishing about 10 cents lower. November soybeans had already been under pressure early in the session, and selling continued as traders weighed export demand, harvest progress and expectations for Friday’s crop and supply estimates.
Wheat also moved lower by the close, with contracts down roughly 2¼ to 3¾ cents after trading higher earlier in the day. Black Sea tensions continue to provide underlying support, but Thursday’s session showed that traders remain reluctant to get too aggressive ahead of USDA’s report.
Overall, Thursday was another cautious session in the grain markets. Corn and soybeans stayed under pressure, wheat gave up early gains, and attention now turns squarely to Friday’s USDA numbers for the next major directional signal.
LIVESTOCK MARKET SUMMARY
Livestock futures finished lower again Thursday, with cattle markets extending Wednesday’s pullback while lean hogs also came under pressure.
Live cattle closed roughly 25 cents to $1.20 lower. December live cattle had been down about 60 cents during morning trade near $223.18. The market continues to consolidate after Tuesday’s explosive rally, while traders wait for more direction from the cash cattle market.
Feeder cattle finished about 92 cents to $2.67 lower. November feeders were already down nearly $1.90 in early trade. Despite the setback, feeder futures are still holding a large portion of Tuesday’s surge.
Cash cattle trade has remained slow. Earlier this week, negotiated trade was inactive on light demand in the North, while last week’s live prices ranged from roughly $219 to $222 in much of the western Corn Belt and Nebraska, with Texas trade reported near $226. Boxed beef values were also lower Wednesday, with Choice at $375.62 and Select at $354.21.
Lean hogs were also lower Thursday. December hogs were down about 63 cents during morning trade, continuing the recent struggle as the market balances tighter hog supplies against softer export expectations and concerns about pork demand.
Overall, Thursday brought another round of profit-taking and consolidation in livestock futures. Cattle remain supported by historically tight supplies, but cash trade and boxed beef values will be important in determining whether the market can regain Tuesday’s momentum.