GRAINS:
May corn closed down 1/4 cents and July corn was up 1/4 cents. May soybeans closed up 2 cents and July soybeans were up 1 3/4 cents. May KC wheat closed up 9 cents, May Chicago wheat was up 7 1/4 cents, May Minneapolis wheat was up 4 1/4 cents.
Soybean and wheat futures led the way higher on Thursday, influenced by higher energy prices as President Trump’s deadline for the reopening of the Strait of Hormuz approaches with few clear signs of a ceasefire deal. The soybean and soybean oil markets are also awaiting official unveiling of 2026 and 2027 biofuel blending mandates, which are expected to be friendly to U.S. agriculture feedstocks. Wheat also traded higher after another high drought reading from USDA on Thursday morning. Corn lagged behind soybeans and wheat on Thursday, primarily due to hitting chart resistance and likely some bearish concerns that next week’s Grain Stocks report could very well show historically large U.S. reserves.
LIVESTOCK:
The live cattle complex was again mixed to slightly lower before turning fully higher as traders remain cautious about being overly supportive of the nearby contracts without any fed cash cattle trade having developed. Meanwhile, the deferred contracts traded softly higher for the bulk of the session. Bids have started to pop up in the countryside. There’s a bid on the table in Texas at $233 and a dressed bid in Nebraska at $372, but no confirmed sales have been noted just yet. Asking prices are firm in Texas at $238 to $240.
The feeder cattle complex was charging onward even as the live cattle complex traded mixed into Thursday’s noon hour. As long as nothing develops negatively from a fundamental sense (like lower cash cattle trade) it’s very likely the complex may be able to maintain this momentum through Thursday’s end and into Friday.
The lean hog complex was trading mixed into the noon hour and finished mostly higher by the day’s closing bell. Nearby contracts are lower with caution ahead of the afternoon’s Quarterly Hogs and Pigs report. The deferred contracts are charging onward bravely, It is also helpful to see midday pork cutout values are up mildly.
