Corn and wheat end lower Thursday with soybeans firm. Cattle made more contract highs.
Randy Martinson, Martinson Ag, says corn made new lows for the move in tandem with wheat and ignored the announcement of a trade deal with the U.K.
Weather was bearish with the ideas fast planting will promote even more acres and strong yield potential for corn, while wheat is also seeing improving conditions from moisture.
The feed grains also saw pressure from the sharply higher dollar which may have been reacting to the deal announced between the U.S. and UK.
However, the entire grain complex seemed somewhat disappointed about the agreement and lack of specifics about anything but $700 million of ethanol.
Martinson says the grain markets are also seeing positioning before Monday’s May WASDE.
Early trade guess have new crop ending stocks for corn above 2.0 billion bu and wheat carryover also slightly higher.
Soybeans ended firm with help from the big rally in the bean oil market, yet still off session highs.
Weekly exports were decent for this stage of the export program at 13.8 million bu. and soybean meal and bean oil exports continue to be strong.
A flash tender of 8.3 million bu. of U.S. soybeans were also sold to Pakistan early Thursday.
Live and feeder cattle futures continued their streak of new contract and all-time highs.
August and September feeder cattle futures closed over $300.
Cash trade pushed the market as it developed at record levels for a third week.
Northern trade live ranged from $225 to $228, up $2 to $5 from last week and dressed business was at $355, up $6, with a few even up to $360.
Martinson says there is no indication of the market slowing down with tight numbers and continued strong consumer demand.
