By: NATHAN STUEDLE
GRAINS:
December corn closed up 5 1/4 cents and March corn was up 5 1/4 cents. November soybeans closed up 10 3/4 cents and January soybeans were up 10 3/4 cents. December KC wheat closed up 3 1/2 cents, December Chicago wheat was up 5 1/2 cents, December Minneapolis wheat was up 3 1/2 cents.
U.S. crop prices again shook off a shaky start to the session on Thursday, with the soybean market leading the way higher as traders continue to look ahead to the month-end summit between Presidents Trump and Xi as a reason for optimism and a reason to remove short-side risk out of portfolios amid shrinking soybean supply side ideas as well. Corn and wheat futures were mainly along for the ride on Thursday but also managed to put together modestly higher sessions. Outside markets were overall a negative weight on agricultural prices for Thursday, with mixed equities as the Dow Jones pushes back toward record highs while the S&P reversed off record highs on Thursday as well. The U.S. Dollar Index was firmer on Thursday while energy markets fell again, breaking support near $62 per barrel to trade to the lowest level since late May.
LIVESTOCK:
Without any substantial fundamental support having developed in the complex this week, the live cattle contracts were yet again trading lower. And yes, the spot December live cattle contract was again trading below its 40-day moving average as traders continued to look around for immediate support -- but came up short handed from both a fundamental and technical sense. Asking prices are noted in the South at $237 to $240, and at $363 plus in the North. No new trade has developed following the light business that transpired on Wednesday where some dressed cattle in Nebraska sold at $360 -- $5.00 lower than last week's weighted average. Some bids are on the table at $230 to $233 live in Kansas, and $230 live in Nebraska and $357 to $360 dressed.
Following in the live cattle market's footsteps, the feeder cattle complex also traded lower as traders continue to struggle to find enough support to justify trading higher. Not to mention, adding only more kindling to the feeder cattle market's reasons to trade lower, the market did close lower Wednesday afternoon after traders decided they didn't possess enough support to be edging up against the market's resistance thresholds.
The lean hog complex continued to scale lower and lower as the market again left without enough support to help traders put a bottom in the downward spiral that the market's currently been on. Pork cutout values are again lower this morning with the picnic being the market begging hindrance as it alone is done $6.62.