At the Thursday market close, December corn was up 5¢ at $4.28 per bushel.
January soybeans were up 12¢ at $10.62 per bushel.
“Corn, soybeans, and wheat were higher on the open [Thursday] morning as even without active buying activity, sellers were absent,” said Karl Setzer, partner with Consus Ag Consulting.
December CBOT wheat was up 9¼¢ at $5.13 per bushel. December KC wheat were 11½¢ higher at $5.00 per bushel. December Minneapolis wheat rose 8¾¢ at $5.40¾ per bushel.
December live cattle were up $1.35 at $241.17 per hundredweight (cwt). January feeder cattle were down $3.60 at $357.42 per cwt. December lean hogs dropped 62¢ at $81.77 per cwt.
“Cattle values collapsed [Wednesday] on news the U.S. would raise its import quota on Argentine beef to 80,000 metric tons, or roughly 176 million pounds. While this is four times the present quota, it is still considerably less than the volume of beef the U.S. was importing from Brazil, and that supply has been shut off for weeks following U.S. tariffs.” Setzer added, “None of the White House proposals to lower beef costs are expected to replenish the U.S. cattle supply, and until those numbers build, the market will be supported.
At 3:15 p.m. CT, December crude oil was up $3.12 at $61.62 per barrel.
The S&P 500 Index was up 39.04 points, and the Dow Jones Industrial Average increased 144.63 points.
The December U.S. Dollar Index was up 72 points.
Published: 3:30 p.m. CT
Soybeans Show Strength: 9:30 a.m. CT
Just after 9 a.m. CT, December corn was down ½¢ at $4.22½ per bushel.
January soybeans were up 4½¢ at $10.54½ per bushel.
“The lack of news has pressured the market recently, but this is also providing support, as traders are running out of reasons to sell the market as well.” Karl Setzer, partner with Consus Ag Consulting said, “Later-harvested yields are confirming crop stress with several analysts continuing to walk back production. Trade still needs to see official cuts from the USDA and that does not appear to be coming anytime soon.”
December CBOT wheat was up 1½¢ at $5.05¼ per bushel. December KC wheat jumped 2¾¢ at $4.91¼ per bushel. December Minneapolis wheat increased 1¾¢ at $5.33¾ per bushel.
December live cattle were up $1.82 at $241.65 per hundredweight (cwt). January feeder cattle were 37¢ lower at $360.65 per cwt. December lean hogs were down 20¢ at $82.20 per cwt.
At 9:19 a.m. CT, December crude oil was up $3.12 at $61.62 per barrel.
The S&P 500 Index was up 23.62 points, and the Dow Jones Industrial Average increased 35.91 points.
The December U.S. Dollar Index was up 82 points.
