GRAINS:
Corn and soybean markets shook off early weakness through the overnight session to move higher again during Thursday’s trade session. Prices did lose some strength late in the session as crop conditions and weather outlook in South America are prompting mixed opinions as to the severity of the situation. Outside markets were mostly a positive influence on Thursday with equity markets higher, while the U.S. Dollar Index was down slightly, although the short-term selloff in the dollar we had seen appears to have halted at least for the time being near 108. March corn closed up 5 1/2 cents and May corn was up 5 1/4 cents. March soybeans closed up 9 1/2 cents and May soybeans were up 9 1/2 cents. March KC wheat closed down 4 cents, March Chicago wheat was unchanged, March Minneapolis wheat was down 2 cents.
LIVESTOCK:
As if Wednesday’s ambitious action wasn’t enough, the live cattle complex continued to trade higher into Thursday’s close. And once again, Thursday’s advancement scores new contract highs for most of the nearby contracts. With the technical support of the higher trend in the live cattle complex, the feeder cattle market is currently looking past the corn market’s rally, and it too, was rallying into Thursday’s close. With midday pork cutout values up almost $3.00 higher — it’s no wonder why the lean hog complex was able to rally into the close on a positive note!
