By: NATHAN STUEDLE
GRAINS:
March corn closed up 3 3/4 cents and May corn was up 3 3/4 cents. January soybeans closed up 3 3/4 cents and March soybeans were up 3 1/4 cents. March KC wheat closed up 4 1/2 cents, March Chicago wheat was up 2 cents, March Minneapolis wheat was down 3 1/4 cents.
U.S. ag futures regained at least part of the midweek losses seen in Wednesday's session. Corn, soybeans, and wheat markets all approached near-term support which encouraged buying as traders are likely satisfied to keep prices within their recent ranges for now, ahead of the USDA update early next week. Outside markets were quiet for Thursday, with mostly higher energy markets, while Treasury yields were mixed to higher which offered support to the U.S. Dollar Index which has fallen in eight of the past ten sessions.
LIVESTOCK:
The live cattle complex traded higher into Thursday's closing bell, although midday boxed beef prices were lower, traders are hopeful that the fed cash cattle market will trade cattle stronger later this week. A few bids are currently on the table at $218 live in Kansas, and $216 live and $335 to $340 dressed in Nebraska but no cattle have traded yet. Asking prices are firm at $225 in the South and $340 plus in the North. The market still has plenty of room to trade higher before it runs into resistance pressure, which will likely happen around the market's 100-day moving average ($231.33). Boxed beef prices are lower: choice down $0.78 ($363.03) and select down $3.22 ($349.90) with a movement of 86 loads (67.88 loads of choice, 14.18 loads of select, zero loads of trim and 4.39 loads of ground beef).
Upon seeing the live cattle contracts continue to trade higher, the feeder cattle complex pushed a moderate rally into Thursday's close. This week's rally hasn't only developed throughout the futures complex, but its support has also affected feeder cattle prices, which are trading higher in the countryside once again.
The lean hog complex also traded higher as the market continues to see adequate technical support, even though pork cutout values did not trade higher today. At this point, it's likely that the bulk of this week's trade in the cash hog market is essentially done with, although a few more clean-up sales still could develop.