By: NATHAN STUEDLE
GRAIN MARKET SUMMARY
Grain futures finished mostly lower Thursday, with corn, soybeans and wheat all ending in negative territory despite some early strength in the soybean complex.
December corn fell 1½ cents to $5.27½, finishing near the low end of the session. The market saw modest profit-taking and some long liquidation as prices continued testing the lower edge of their recent trading range.
Soybeans slipped from early gains and finished mostly ½ cent to a little more than 3 cents lower across the board. November beans were down about 2½ cents late in the session. USDA did announce a fresh sale of 120,000 metric tons of soybeans to China, but that buying interest was not enough to keep the market higher into the close.
Wheat also ended lower, with contracts down roughly 1½ to 6½ cents. Chicago and Kansas City wheat both spent much of the day under pressure as traders waited for clearer direction from U.S.-China talks and broader outside markets.
Overall, Thursday was a relatively quiet defensive session for the grains, with corn modestly lower, soybeans giving up early gains, and wheat continuing to struggle for momentum.
LIVESTOCK MARKET SUMMARY
Cattle futures finished lower Thursday, although losses were generally contained compared with the large swings seen earlier this week.
Live cattle ended from about 5 cents to $1.85 lower, while feeder cattle finished roughly 65 cents to $1.57 lower.
The cattle market traded cautiously as participants waited for stronger fundamental support from the cash market. Early in the session, December live cattle were down around 90 cents and November feeder cattle were off about 75 cents, with traders still waiting for meaningful packer bids to develop.
Uncertainty surrounding possible government action on beef exports also remained in the background. DTN noted that rumors about potential export restrictions have added another layer of uncertainty to an already volatile market.
Thursday’s livestock trade was therefore much quieter than the wild moves seen earlier in the week: live cattle closed moderately lower, feeders also slipped, and the market spent the session looking for fresh fundamental direction.