GRAINS:
Range-bound, cautious trade continued into Thursday as traders are content for the time being with apparent short-term trade horizons, not wanting to get caught either short or long going into the USDA report next Tuesday. Outside markets leaned positive with the U.S. dollar continuing its correction from two-year highs, bolstering U.S. export sentiment in the process. In the meanwhile, palm oil futures are due a large deal of credit for the pullback in U.S. grains Thursday, as palm oil prices continue their surge back to early November highs on flooding/production concerns in Indonesia and Malaysia. March corn closed up 5 cents and May corn was up 5 cents. January soybeans closed up 10 cents and March soybeans were up 9 1/4 cents. March KC wheat closed up 10 cents, March Chicago wheat was up 10 cents and March Minneapolis wheat was up 9 cents.
LIVESTOCK:
Both the live cattle and feeder cattle markets are trading lower as traders impatiently wait for this week’s cash cattle trade to develop. Bids of $190 are currently being offered in the South, and bids of $297 are being offered in Nebraska. The lean hog market may have potentially found some technical footing with Wednesday’s lower close as the market successfully traded higher all throughout the day.
