GRAIN:
May corn closed up 8 1/4 cents and July corn was up 7 1/2 cents. May soybeans closed up 15 1/2 cents and July soybeans were up 14 1/2 cents. May KC wheat closed up 8 3/4 cents, May Chicago wheat was up 5 3/4 cents, May Minneapolis wheat was up 8 1/4 cents.
U.S. row-crop markets posted a second consecutive day higher as it was announced late morning that President Trump and Mexican President Sheinbaum have reached a short-term compromise to delay tariffs on goods covered by the USMCA agreement until April 2. There has yet to be any announced alleviation to tariffs against Canada outside of the auto industry rollbacks put in place Wednesday. Regardless, stock markets remain suppressed through Thursday's trade as investors grow frustrated by the whirlwind of policy over the past couple of weeks. Meanwhile, ag markets are also getting a boost from further deterioration of the U.S. dollar as a result of economic uncertainty. Outside commodities leaned negative on Thursday, with crude oil trading to their lowest level since May of 2023 after OPEC+ reaffirmed plans on Wednesday to begin production increases in April.
LIVESTOCK:
The live cattle market's rally has again been paused as traders seem to be reluctant to advance the contracts any higher until they see what the week's cash cattle market is going to accomplish. There are currently some bids on the table with live cattle in Texas being bid at $195, and bids in Nebraska surfacing at $195 live and $310 dressed.
The feeder cattle complex is again following the live cattle market as its uncertain that it can challenge resistance levels without the full commitment of traders and better support from the fed cash cattle market. Unless the live cattle complex begins to trade higher, then feeders may follow suit, but without the live cattle market's support higher trade isn't likely.
Thankfully, Thursday has lent the lean hog complex all sorts of good news as the morning's export report was fruitful and news broke mid-morning that President Trump plans to delay tariffs on most goods from Mexico for another month. And with U.S. hog producers concerned about keeping a good working relationship open between the U.S. and Mexico as the market needs that export channel, this announcement is found to be a win.
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