GRAINS:
The grain markets were able to overcome early morning weakness Thursday to close higher for the day. Reports of Russian agency SovEcon cutting wheat production estimates had wheats leading the charge higher throughout the later hours of the session. Price action Thursday served as a nice reprieve from what has been very bearish trade for much of the month of October.
December corn closed up 2 cents and March corn was up 3/4 cents. November soybeans closed up 8 3/4 cents and March soybeans were up 2 cents. December KC wheat closed up 7 1/4 cents, December Chicago wheat was up 4 1/2 cents and December Minneapolis wheat was up 8 cents.
LIVESTOCK:
The live cattle complex traded mixed as some of the market’s deferred contracts traded slightly higher, but the nearby contracts were slightly lower as the week’s cash cattle market has yet to be established. There are bids of $187 live currently being offered in the South and dressed bids of $296 in the North. Asking prices are noted in the South at $189 to $190, and in the North at $298 plus. Feedlot managers are hoping to keep prices fully steady this week, as they know that pushing prices higher following packers’ ability to get some cattle bought with time last week is somewhat unlikely. After running up against resistance levels again on Wednesday, the lean hog complex is back to mostly flat trade as most have found the fundamental support they’re looking for. If traders are to take on the market’s resistance and break through that threshold, they’re going to need to see more domestic demand from consumers, and seeing better packer demand in the cash market would be helpful too. And even though pork cutout values were higher at today’s noon hour, demand hasn’t been stable enough for trader’s liking this week.
