By: NATHAN STUEDLE
GRAINS:
September corn closed down 3 1/4 cents and December corn was down 3 cents. August soybeans closed up 8 cents and November soybeans were up 6 cents. September KC wheat closed down 5 1/4 cents, September Chicago wheat was down 7 3/4 cents, September Minneapolis wheat was down 4 1/2 cents.
It was a mixed session overall for row-crop prices as oilseeds across the board were firm, deriving strength from a break above resistance by soybean oil futures to new 2025 highs. Meanwhile, corn futures failed to hold at the first significant technical test of their bounce, struggling as well to shake the negative influence of wheat markets which broke support and appear primed to test contract lows. Outside markets were mostly a positive influence on ag Thursday, with equities back on track following early Wednesday Fed-related turbulence and energy markets were firmer as well.
LIVESTOCK:
Following Wednesday's higher close in the live cattle complex, traders are now waving their white flag, seeming to scream, "we need more fundamental reassurance before we can advance the market any higher," from the rooftops around the world. It comes as no surprise that boxed beef prices traded lower as the seasonal regression is well underway for the third quarter. However, traders are sitting on pins and needles awaiting to see what develops in this week's fed cash cattle market. Bids were offered throughout the day on Wednesday, but no cattle traded, only a small handful of sales have been noted today. Some light business has been noted in the North from a Nebraska Regional packer at $380, but those cattle are set for delivery for the week of Aug. 4. A few deals have also been reported in Kansas for $231, but the week's volume is still too thin to say that any sort of a trend has been established.
Seeming to follow suit once again, the feeder cattle complex followed in the live cattle market's wake, unwilling to move opposite of the live cattle complex right now. What is interesting to note is that even while the nearby contracts traded lower, the deferred feeder cattle contracts continued to inch higher as traders are acknowledging the fact that there isn't going to be an overabundance of supply anytime in the near future.
The lean hog complex continued to trade higher as the market is pleased to see pork cutout values stronger and has established somewhat of a bottom in the futures complex for this move. It is surprising to note that while compared to a week ago pork exports were down 30%, the market isn't seeming unscathed by that announcement. However, last week, the lower note of exports gravely impacted the market.
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