Export Sales disappointed corn traders. The financial markets reversed a big portion of Wednesday’s stock market surge and concurrent U.S. dollar dive, which probably accounts for a portion of the crop market weakness seen today. The weekly USDA Export Sales report also weighed on prices, since sales were comparatively slow. May corn futures slipped 1.25 cents at $3.735/bushel at Thursday’s CBOT close, while December dipped 1.0 to $3.99.
The soy complex turned mixed Thursday. Soybean and product futures couldn’t sustain Wednesday’s bullish momentum as stocks set back and the dollar bounced this morning. The export data was also less than helpful. Ultimately, the flood of soy coming out of South America seemed to undercut bean and meal prices, while soyoil was supportive strength spilling over from palm oil. May soybean futures settled 3.25 cents lower at $9.6175/bushel Thursday, while May soyoil skidded 0.01 cent to 30.62 cents/pound, and May meal lost $1.5 to $319.3/ton.
The wheat markets traded in decidedly mixed fashion. Thursday’s financial market action apparently robbed wheat futures of upward momentum established Wednesday. Export Sales numbers were rather mediocre. Bulls derived support news that Chinese officials bought 450,000 tonnes of high protein wheat in the past week, with 300,000 tonnes coming from Canada. That essentially tightens the whole North American market. The late slide in KC and MWE prices was not encouraging. May CBOT wheat rose 1.25 cents to $5.12/bushel in late Thursday trading, while May KC wheat slid 2.75 cents to $5.5025/bushel, and May MWE wheat slumped 6.25 to $5.7275.
Cattle futures seemed to post a bullish breakout. Nearby cattle futures opened strongly in the wake of Wednesday’s limit-up move, struggled through midsession, then closed substantially higher. Firm spot quotes, particularly at the country markets, appeared to pull Chicago prices higher. April cattle futures ended Thursday having jumped 1.42 cents to 158.00 cents/pound, while August cattle surged 1.12 cents to 147.52 cents/pound. Meanwhile, April feeder cattle futures leapt 1.72 cents to 216.02 cents/pound and August feeders soared 2.12 to 216.50.
Nearby hog futures fell to fresh lows. Pessimism about the supply/demand outlook apparently weighed heavily upon CME hogs again Thursday. Bearish technical traders apparently anticipated a significant follow-through to the downside as well, despite current cash premiums. April hog futures plunged 2.57 cents to 58.12 cents/pound at Thursday’s CME close, while June hogs sank 0.60 to 74.52.