Crop markets posted another general rebound Thursday

Corn markets ended Thursday on a firm note. Although crop futures dipped again Wednesday night and Thursday’s news seemed less than supportive, they ended the day have posted moderate gains. Talk of harvest delays and financial market moves (stock rebound & dollar weakness), along with short-covering probably boosted corn prices. December corn futures closed up 1.5 cents to $3.2275/bushel Thursday, while May added 1.5 to $3.4425.

The soy complex staged a late advance. The storm system crossing the Midwest may affect the bean harvest, but it seemingly had little impact Thursday morning since big crude oil losses seemed to depress bean oil and bean prices Wednesday night. However, the soy complex rebounded as the day passed, possibly reflecting the stock bounce and U.S. dollar weakness. November soybean futures surged 7.75 cents to $9.245/bushel at Thursday’s close, while December soyoil stalled at 32.80 cents/pound, and December soymeal gained $2.7 to $301.3/ton.

The export result sparked a wheat market rally. Talk of Russia’s recent lack of grain sales supported wheat futures Wednesday night. The markets then built on those gains, since the weekly USDA Export Sales result easily topped industry forecasts. December CBOT wheat climbed 3.75 cents to $4.8275/bushel in late Thursday trading, while December KC wheat advanced 4.0 cents to $5.615/bushel, and December MWE wheat rallied 3.75 to $5.355.

The cattle market closed slightly higher Thursday. CME cattle futures had recently surged, but suffered a sharp setback Thursday morning. No apparent news caused the drop, which may explain the Chicago market’s late rebound and modestly higher close. December live cattle futures ended Thursday having risen 0.30 cents to 166.25 cents/pound in late Thursday trading, while April futures lifted 0.55 to 164.10. Meanwhile, November feeder futures vaulted 2.22 cents to 240.27 cents/pound and January feeders leapt 2.12 to 233.90.

Hog futures turned quite mixed as the CME session ended. The cash and wholesale markets proved mixed at midsession Thursday, thereby doing little to mollify trader fears of a big fourth-quarter breakdown. Technicians are likely pleased by the December contracts stubborn refusal to sustain big losses. December hogs ended Thursday 0.22 cents lower at 94.92 cents/pound, while April edged up 0.17 to 91.85.