By: NATHAN STUEDLE
GRAINS:
March corn closed up 4 cents and May corn was up 4 1/2 cents. January soybeans closed down 6 cents and March soybeans were down 6 3/4 cents. March KC wheat closed up 9 1/4 cents, March Chicago wheat was up 1 1/2 cents, March Minneapolis wheat was up 11 cents.
The corn market extended its recovery to two days on Thursday, reclaiming lost technical ground in the process on rumors that China may have bought some U.S. corn off the PNW this week. Meanwhile, the soybean complex was again lower with the exception of meal futures. Wheat futures led the charge higher on Thursday, attracting bargain buying as futures had approached and, in some cases set, new 2025 and contract lows across markets earlier this week. In macroeconomic news, the November Consumer Price Index reading of 2.7% annual inflation was firmly and surprisingly lower than the 3% reading in September. Market reaction to the news was mixed with slightly higher Treasuries but yield futures flat to only a touch lower as some economists had offered a word of warning that the data collection during the government shutdown may have resulted in a skewed inflation measure this month.
LIVESTOCK:
The live cattle complex was again trading lower, as though some light cash cattle trade has been reported at higher prices again this week, traders still don't believe they possess enough well-rounded support to successfully conquer the market's 100-day moving average. This left the complex only one way to go, which was lower. Even though packers bought the largest weekly trade volume of 2024 and 2025 last week at just over 103,000 head, fed cash cattle prices are trending a tick higher again this morning as packers are still in need of more cattle. Some light trade has been reported in the North by a regional packer at $358, which is $4.00 higher than last week's weighted average. A few more bids are on the table in parts of Kansas, but no Southern trade has developed yet. Asking prices remain firm in the South at $232 to $233, and in the North at $360 plus. Boxed beef prices are mixed: choice up $0.95 ($357.04) and select down $2.38 ($344.05) with a movement of 46 loads ($31.77 loads of choice, 6.76 loads of select, zero loads of trim and 7.52 loads of ground beef).
Continuing to follow the direction of the live cattle complex, the feeder cattle contracts traded lower into Thursday's closing bell. Although the market continues to see adequate fundamental support, it's likely the complex could keep with this steady/somewhat lower trend as traders don't believe this is the best time to advance the complex over a major resistance threshold with the Christmas holiday just days ahead.
The lean hog complex was traded mostly higher as traders are to see pork cutout values up over $2.00 higher. And with Wednesday's lower technical close, the market is no longer up against immediate resistance pressure.