GRAINS:
March corn closed down 1 1/4 cents and May corn was down 1/2 cent. March soybeans closed up 7 1/2 cents and May soybeans were up 7 cents. March KC wheat closed up 14 1/2 cents, March Chicago wheat was up 12 1/2 cents, March Minneapolis wheat was up 8 1/2 cents.
Row-crop futures were mixed Thursday with wheat and soybeans higher while corn futures remained sluggish. USDA’s early forecasts for 2026-27 were largely as traders anticipated, featuring a switch from corn acres to soybean acres expected to occur this spring. Otherwise, there was very little news Thursday to break markets out of their weekly trends. Outside markets continue to reflect increased risk surrounding tensions between the U.S. and Iran, with crude oil futures hitting their highest mark since early August. Meanwhile, the U.S. Dollar Index has strung together positive sessions this week to climb from four-year lows hit in late January. The index has been resistant at 98 through February, however.
LIVESTOCK:
The live cattle complex traded mixed into Thursday’s close, as the market is currently seeing its nearby contracts trading higher while the deferred months scale lower. It would appear as though the nearby contracts are trading higher, although no trade has developed yet in the fed cash cattle market, as traders know that supplies of market-ready cattle are going to be thin through the first quarter and potentially partway through the second quarter, which may be part of the reason why the February through June contracts were higher. Absolutely nothing has developed yet in the fed cash cattle market, and there’s a chance that trade could be delayed until after Friday’s Cattle on Feed report. Boxed beef prices are higher: choice up $1.30 ($365.10) and select up $0.05 ($360.68) with a movement of 54 loads (36.97 loads of choice, 9.47 loads of select, zero loads of trim and 7.16 loads of ground beef).
The feeder cattle contracts weren’t as bullish, as traders yearn to see continued fundamental support before they’ll likely push the contracts much higher. And another part of the market’s cautiousness could be stemming from the fact that traders are holding a slightly more cautious position ahead of the Cattle on Feed report.
The lean hog complex was trading mostly higher into Thursday’s closing bell, as once again, trades aren’t feeling pressured by any resistance thresholds following the past week’s sharp downturn. Pork cutout values were up slightly, but not enough to make any impactful difference for traders.
