GRAINS:
May corn closed up 4 1/2 cents and July corn was up 4 3/4 cents. May soybeans closed up 10 1/4 cents and July soybeans were up 9 1/2 cents. May KC wheat closed up 14 1/2 cents, May Chicago wheat was up 8 1/2 cents, May Minneapolis wheat was up 9 1/4 cents.
Row crops reversed from a sluggish Wednesday to trade higher Thursday as corn, soybeans, and wheat have all benefitted from bargain hunting amongst traders as long-term support was challenged over the middle of the week. Brazilian government crop estimates that remain below USDA estimates along with a solid round of weekly export data provided a spark to markets Thursday. Outside market influence for Thursday was mixed, with equities again struggling amid ongoing trade war countermeasures. Meanwhile, the U.S. dollar is stabilizing following a drastic weeklong drop off. Gold futures have surged to yet another all-time high Thursday, as investors seek reprieve from the volatile and uncertain marketplace.
LIVESTOCK:
It was another good day for the live cattle complex as the market continues to grind higher yet again, at least the nearby contracts. It continues to keep bullish tones alive and well throughout the market. The fact that choice cuts are higher again this morning and feedlot managers seem determined to push cash prices higher this week as they patiently wait for packer demand to improve without growing anxious.
The feeder cattle complex continued to push its contracts higher and higher, which seems to signal robust buying from traders as the market's direction is undoubtedly higher due to the vast majority of the nearby contracts reaching new contract highs again today, but al contracts ended the day lower after a flurry of late session sell-offs.
Yes, morning pork cutout values may be higher, but the day's export report was rather disappointing, which seems to be the reason for the lean hog complex sharp downturn. Although it's positive to see pork cutout values higher, the carcass price is skewed by the belly's $16.53 jump.
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