GRAINS:
Drop on Best Looking Illinois Crop in Years. Wheat futures dropped like a rock early Thursday, taking the lead from Paris milling wheat futures forging a new low and ideas that the Canadian rail strike has led to weakened bids for grain. Corn and soybeans faltered after on-the-ground checks indicated strong potential for record corn and soy yields in Illinois. The Canadian rail strike, which began at midnight, has slowed transportation and is likely to back up supplies. December corn finished down 4 3/4 cents per bushel, November soybeans closed down 20 cents per bushel. December KC wheat was down 6 3/4 cents per bushel, December Chicago wheat is fell 8 1/2 cents per bushel and December Minneapolis wheat settled down 13 1/4 cents.
LIVESTOCK:
Besides a little added support from higher boxed beef prices, the market can’t put its finger on why the complex is trading higher as fed cash cattle prices are lower this week and ultimately traders willingness to jump back into the game and support the complex seems to be the biggest change factor today. At last, the feeder cattle complex is seeing some substantial trader support following the brutal pressure endured earlier in the week. Traders don’t seem give to two hoots about the morning’s export report, which shared a marketing year low of only 19,300 metric tons being reported. But even so, the lean hog complex is rocking and rolling into Thursday’s noon hour and closed fully higher.
