Strong soybean sales seemed to boost the corn market. The weekly USDA Export Sales report stated last week’s corn result a bit below forecasts. That might have extended Wednesday night slippage, but traders seemingly paid more attention to another very impressive soy export sales result. December corn futures bounced 1.0 cent to $3.7125/bushel in late Thursday trading, while May rose 1.0 to $3.9275.
Beans and meal left the soyoil market behind Thursday. The soybean sales total easily topped forecasts, so the bullish CBOT reaction wasn’t surprising. Conversely, soymeal export commitments actually declined over 100,000 tonnes last week, but Chicago meal futures surged in concert with beans. Falling crude and palm oil prices weighed on bean oil prices once again. January soybean futures surged 8.75 cents to $10.28/bushel at their Thursday settlement, while December soyoil sank 0.19 cents to 32.53 cents/pound, and December meal leapt $16.4 to $391.7/ton.
Wheat sales also disappointed bulls. Traders have recently worried that relatively high U.S. wheat prices and the ongoing dollar rally are hurting exports. Today’s report confirmed those fears, with the result falling short of modest expectations. Spillover soy strength offered temporary support, but the effect was apparently temporary. December CBOT wheat slumped 4.5 cents to $5.2025/bushel as Thursday’s session ended, while December KC wheat dropped 5.5 cents to $5.79/bushel, and December MWE wheat sagged 5.75 to $5.54.
Cattle traders seemingly heard good things from the country Thursday. As usual, very few fed cattle have traded in the country this week. But today’s early gains suggest price discussions between packers and feedyard managers have trended toward higher levels. Midday beef quotes were narrowly mixed. December live cattle futures ended Thursday’s CME session having risen 0.15 cents to 165.35 cents/pound, while April futures vaulted 0.60 to 165.85. Meanwhile, January feeder cattle futures advanced 0.37 cents to 230.57 cents/pound, and March feeders climbed 0.75 to 228.30.
Talk of a November bounce may have supported hog futures. Although the cash and wholesale markets were stated mixed-to-lower around midsession Thursday, hog futures posted modest gains. One has to suspect traders are looking for a short-term bounce of some sort, especially if the recent ham breakdown sparks some late pre-holiday demand. December hog futures closed 0.52 cents higher at 87.65 cents/pound Thursday afternoon, while April hogs rallied 0.80 to 88.90.