By: NATHAN STUEDLE
GRAIN:
March corn closed up 3/4 cents and May corn was up 1 cent. March soybeans closed down 2 3/4 cents and May soybeans were down 2 cents. March KC wheat closed up 4 3/4 cents, March Chicago wheat was up 5 1/2 cents, March Minneapolis wheat was up 7 1/2 cents.
Row crop futures again fell from their highest points early Thursday, with chart technicals influencing some selling amid a fundamental outlook for corn, soybeans, and wheat that continues to have plenty of bearish arguments to counter short-term bullish bursts. Outside markets on Thursday were again mostly supportive to ag futures, with a softer U.S. dollar for the sixth time in the past eight sessions. Meanwhile, crude oil and other energy markets were firm on heightened tensions between the U.S. and Iran.
LIVESTOCK:
Seeming to merely hold its breath waiting for some fed-cash cattle trade to develop, the live cattle contracts traded modestly lower, unwilling to advance any higher and pressure the market's resistance without first seeing what's going to develop fundamentally in the fed cash cattle market. A single bid is currently on the table in Nebraska at $232, but still no cattle have traded and asking prices aren't firmly established yet this week either. It's most likely that trade will be delayed until Friday.
Boxed beef prices are lower: choice down $0.21 ($369.53) and select down $3.19 ($360.38) with a movement of 67 loads (44.55 loads of choice, 4.73 loads of select, 8.87 loads of trim and 8.70 loads of ground beef).
The feeder cattle complex was a mixed bag in morning trade, as the nearby contracts were scaling higher while the market's deferred contracts were trailing slightly lower and ended the day like their live counterparts, modestly lower. The spot March feeder cattle contract is trading at the highest level it's been at since the market's sharp sell-off in late October.
With the help of a strong export sales report this morning, the lean hog complex got back to trading higher following Wednesday's lower close. It is also helpful from a technical standpoint, the market is no longer up against resistance thresholds, and from a fundamental standpoint that morning pork cutout values were a tick higher as well.