By: NATHAN STUEDLE
GRAINS:
December corn closed up 4 cents and March corn was up 4 1/4 cents. November soybeans closed up 1/2 cents and January soybeans were unchanged. December KC wheat closed up 2 3/4 cents, December Chicago wheat was up 4 3/4 cents, December Minneapolis wheat was up 1/2 cents.
Ag markets appeared to be on their way to a continuation of Wednesday's lower drift before buying interest picked up late in the session. Traders are displaying a bit of uncertainty on where to send prices next given on one hand the large supplies that appear to be coming this fall, but on the other hand a dry August which may very well have trimmed the top end off yield potential for the southern and eastern Grain Belt. Outside markets for Thursday were very quiet with equities moving cautiously higher, with the S&P500 extending Wednesday's record move. Energy markets also reversed higher off a softer tone early Thursday in what has been an overall sideways week in that sector.
LIVESTOCK:
Following Wednesday's higher close, the live cattle complex traded lower at the closing bell as traders seem to be keeping the market on hold, waiting to see what else surfaces from a fundamental sense before they push the contracts any higher. Packer interest could improve at any moment, but for the time being, not a single bid is on the table. Asking prices are noted in the South at $245, but are still not established in the North. It's assumed that prices will trade steady if not a bit higher again this week as feedlot managers sit with enough leverage to simply roll their showlists over into next week if prices aren't what they want.
The live cattle contracts trading lower, had the feeder cattle complex change its direction as the market watched support erode and send the contracts tumbling. Feeder cattle demand remains utterly incredible, and with buyers showing no clear signs of slowing down, traders feel comfortable allowing the contracts to continue to trade as they will and follow the live cattle market into the red.
The lean hog complex is keeping with its upward trek and not seeming too phased by the market's resistance at $94.00. What's pretty incredible about traders' recent move is that they're doing it with little to no fundamental support. Although pork cutout values were a tick higher this morning, demand has been weaker this week, and it's looking like packers are mostly done buying the cash market, as prices couldn't be posted this morning because of confidentiality.