We saw the markets trade the fundamentals after early buying throughout grains on Thursday. December corn closed up 5 1/2 cents Thursday and November soybeans were down 5 1/2 cents, a parting of ways as soybeans struggle to find demand during harvest. All three U.S. wheats also finished higher, helped by Thursday’s lower trading in the U.S. dollar. Minneapolis wheat continues to be the leader.
Meantime, a strong weekly export sales report led lean hogs triple digits higher on Thursday. Pork net sales of 29,500 mt reported for 2021 were up 41% from the previous week but down 1% from the prior four-week average. The three largest buyers were Mexico (16,900 mt), Japan (3,300 mt) and Canada (2,800 mt). Cattle diverged lower, maybe a bit of unwinding of the cattle hog spread today. Export sales report was ok. Beef net sales of 19,200 mt reported for 2021 were up noticeably from the previous week and up 39% from the prior four-week average. The three largest buyers were South Korea (6,200 mt), China (4,500 mt) and Japan (2,800 mt).
Farm and Ranch Director Jesse Allen has our closing report: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=1406
Also, more analysis with Jesse Allen and Bryan Doherty on today’s Market Talk podcast below: