By: NATHAN STUEDLE
Grain Market Summary
Grain futures finished mixed Thursday, with wheat continuing its impressive run while corn backed away slightly following Wednesday’s sharp rally. December corn slipped about three cents to $5.33¾, with some profit-taking showing up after the recent surge above the five-dollar level.
Soybeans managed modest gains, with November up about two cents at $12.68, while soybean meal added roughly a dollar-and-a-half to two dollars per ton.
Wheat was once again the standout. Chicago contracts gained roughly 10 to 12 cents, with December near $7.60¾. Kansas City hard red winter wheat was even stronger, December gaining better than 13 cents to around $8.22. Continued problems with Black Sea grain exports and escalating Russia-Ukraine tensions kept buyers active in the wheat market.
Overall, it was a consolidation day for corn following Wednesday’s big move, modest strength in soybeans, and another strong session for wheat as global supply concerns remain front and center.
Livestock Market Summary
Cattle futures staged a strong rebound Thursday, recovering another chunk of the losses suffered earlier in the week.
October live cattle gained $2.15 to $212.92, while December was up $2.22 at $214.80. Deferred contracts were even stronger, with gains approaching or exceeding three dollars.
Feeder cattle posted the biggest move. September feeders jumped $3.45 to $322.45, October gained $3.82 to $318.07, and several deferred contracts were up three-and-a-half to nearly four dollars. Traders stepped back into the cattle complex following the sharp selloff earlier this week. Beef export sales totaled 9,200 metric tons, down 38 percent from the four-week average.
Lean hogs were mostly modestly higher. October slipped 27 cents to $80.62, while most deferred contracts gained roughly 10 to 32 cents. Pork export sales were considerably stronger at 38,700 metric tons, up 42 percent from the previous week.
Bottom line: a big recovery day for the cattle complex, particularly feeders, while hog futures finished narrowly mixed to mostly higher.