Livestock led the ag markets lower Thursday

The Export Inspections data weighed on the crop markets. The prospects of huge fall supplies depressed the grain and soy complexes Wednesday night. The weekly USDA Export Sales report seemingly caused additional corn losses, since the results were near the lower end of forecast ranges. September corn slid 3.75 cents to $3.595/bushel late in Thursday’s pit session, while December slumped 3.0 to $3.7125.

The soy complex moved mostly lower Thursday. Predictions for a record-smashing fall bean crop hanged over new-crop soy futures today. Traders were probably disappointed with Export Sales totals for beans. However, the meal sales figures, particularly for old-crop product, were strong, thereby supporting the nearby bean and meal contracts. September soybean futures closed up 4.0 cents to $10.925/bushel Thursday afternoon, while November futures lost 8.0 cents to $10.72. September soyoil dropped 0.35 cents to 35.51 cents/pound, whereas September soymeal added $1.3 to $362.3/ton.

The wheat markets remained weak. After having staged a substantial rally over the past week, wheat futures set back from Wednesday’s highs. Profit-taking in the wake of the move, as well as mediocre export results appeared to drag prices downward, whereas, the volatile Black Sea situation and its potential impact on the global wheat market probably limited losses. September CBOT wheat sagged 6.5 cents to $5.615/bushel in late Thursday action, while September KC wheat fell 10.0 cents to $6.4625/bushel, and September MWE wheat sank 8.5 to $6.345.

Cash weakness apparently undercut cattle futures. News that fed cattle traded lightly at $164.00/cwt (cents/pound) in Nebraska Wednesday afternoon seemed to trigger aggressive CME sales today. Traders probably viewed that news, as well as early-week beef price slippage, as signaling larger short-term losses. October live cattle plummeted 2.95 cents to 153.00 cents/pound in late Thursday trading, while December dove 2.65 to 153.25. Meanwhile, September feeder futures crashed 3.00 cents to 217.72 cents/pound, and November feeders plunged 2.55 to 215.60.

Hog futures accelerated downward. Although the cash hog markets were surprisingly firm Tuesday, big pork losses set the stage for continued CME declines. Ideas along that line, as well as concurrent cattle/beef losses apparently spurred increased selling in the CME pit. October hog futures tanked 1.95 cents to 100.25 cents/pound at their Thursday close, while December tumbled 2.97 cents to 91.82.