***** Corn down a penny; soybeans off 6 3/4 to 7 cents; Chicago wheat fractionally changed. *****
# Soybean futures were giving back all of Wednesday’s gains as traders waited on the weekly export sales report. Not much reaction after the export numbers were released.
# Another big soybean export number, at 1.81 million tons this week. Consensus guess was closer to 1.25 million tons. Corn sales were as good as advertised at 1.25 million tons. Wheat sales weaker at 298,000 tons.
# No rain or snow for the Wheat Belt overnight. 90-day precipitation anomalies reach up to four or five inches in across parts of the Great Plains. Temperatures have warmed enough to relieve major winterkill concerns for now.
# The U.S. Drought Monitor shows drought in the Mid-South remaining severe. Dry conditions have crept into southern Illinois/Indiana and also have spread throughout the majority of Ohio.
# The 6-10 day outlook runs warmer than average for most of the Midwest, wetter for the eastern half of the region. Snow could begin to fall again in the Plains and western Midwest starting Sunday.
# A host of economic data was reported this morning. Third quarter GDP came in better than anticipated at 3.5 percent. Disappointing was the jobless claims reading, which climbed to 275,000 last week versus a consensus of something closer to 256,000.
***** Cattle and hog markets enjoy technical buying but futures are called short-term overbought; supply-side fundamentals are becoming less burdensome for both markets. *****
# Cattle futures will trade with guidance from technicals and from pre-report positioning. Cattle on Feed numbers will be reported and are expected to show high placements again, but also high marketings.
# Hog futures maintain technical strength on their move up out of deep recent lows. The quarterly Hogs and Pigs report will lend fundamental guidance to market on Friday afternoon.
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