Grains close under pressure on Thursday

(Cattle Network) – Corn futures closed lower on Thursday. Corn futures were under  pressure most of day on spillover pressure from the soybean market and  strength in dollar index. Export sales for the week were disappointing  causing futures to decline further around midday. The rapidly advancing  state of 2013/13 corn harvest and news that the Argentine planting  season is off to a good start were bearish for prices as well. December  corn closed 9 ¾ cents lower.

Soybean futures closed moderately lower on Thursday. Soybean futures  declined sharply post midday as traders continued to liquidate their  long positions in the market.  Today’s higher dollar index, expectations  for higher soybean yields, and lackluster export sales were unfriendly  for prices. Soybean oil and soybean meal closed substantially lower as  well. November soybeans closed 49 ½ cents lower. October soyoil closed  120 points lower. October soybean meal closed $16.90 lower.

Wheat futures closed mostly lower on Thursday. Wheat futures lead the  grain complex at midday, bucking pressure from the higher dollar index  and declining prices in the other grain markets. However, prices slipped  (slightly lower) toward the end of the session on spillover pressure  from steep losses in the soybean market. December wheat at CBOT closed  unchanged; KCBT closed ½ cent higher; MGE closed 1 ¼ cent lower.

Live cattle futures closed lower on Thursday. Disappointing weekly beef  exports and cash market uncertainty pulled cattle futures lower today.   USDA reported weekly exports sales 35 percent lower than the previous  week at 10,900 tonnes. Concerning the cash market, traders moved with  caution today waiting for cash trade to pick up. Preliminary prices are  holding steady at $128 in the South and $200 in the North.  October  closed 60 cents lower while December closed 95 cents lower.

Lean hog futures closed mostly higher on Thursday. Hog futures rebounded  to a higher close on renewed buying interest as cash prices continue to  push higher. Traders and analyst alike believe the market is in a  technically oversold position characterized by dramatic losses  since midsummer. Traders are confident that the market is set for some  form of upward correction whether it will be long term remains unknown.  The market will continue to see pressure from plentiful pork supplies  and declining carcass values. October closed 10 cents higher while  December closed 52 cents lower, but 2013 contracts closed between 10 to  52 cents higher.