By: NATHAN STUEDLE
GRAINS:
March corn closed up 2 1/4 cents and May corn was up 2 1/2 cents. March soybeans closed down 1/2 cent and May soybeans were up 1 1/4 cents. March KC wheat closed up 6 cents, March Chicago wheat was up 7 3/4 cents, March Minneapolis wheat was up 10 cents.
Thursday was another quiet session across U.S. crop markets with oilseeds relaxing following a midweek surge on Wednesday, likely the result of hitting some technical resistance points on respective charts. Wheat futures recovered from a sluggish start to the week with Kansas City futures again challenging upside resistance ahead of a weekend of severe winter weather across the United States. Outside markets saw equities complete a two-day recovery of Tuesday's tariff-induced selloff, a common theme through the past year as such value breaks have been viewed as buying opportunities. Natural gas continues to be the most compelling outside market, going from three-month price lows to three-year highs in the course of three trading days, although profit-taking has since taken the top end out of the rally on Thursday. Crude oil and diesel prices moved lower on Thursday, influencing a softer soybean oil market as well.
LIVESTOCK:
With still no lofty developments yet in this week's fed cash cattle market, the live cattle contracts were trading on both sides of unchanged throughout the session on Thursday. It's also not been helpful that midday boxed beef prices were lower, which is a seasonal trend for this time, but either way, it doesn't "feel" good to a market that's looking for increased fundamental support. Asking prices are noted in the North at $370 but are still not established in the South. Trade could likely be delayed until after Friday's Cattle on Feed report. Boxed beef prices are lower: choice down $0.22 ($365.89) and select down $2.41 ($360.04) with a movement of 56 loads (36.72 loads of choice, 5.00 loads of select, zero loads of trim and 14.19 loads of ground beef).
The feeder cattle complex continued to trade mixed and in a sideways fashion headed into the closing bell, and the market is again following in the wake of the live cattle complex. The market will likely maintain a sideways chop until Friday's Cattle on Feed report is released.
The lean hog complex got back to trading softly higher as traders are seeing continued support in pork demand and are willing to scale the contracts higher even though the market is already trading at new contract highs in the spot April contract. The cash market is trading in a thin manner again today, but packers did buy over 2,000 head in Wednesday's market, which is a "big" movement compared to recent days.