GRAINS:
March corn closed down 1 3/4 cents and May corn was down 2 cents. March soybeans closed up 10 1/2 cents and May soybeans were up 9 1/4 cents. March KC wheat closed down 5 cents, March Chicago wheat was down 2 cents, March Minneapolis wheat was down 4 1/2 cents.
Corn and wheat futures traded mixed Thursday, again fading from early highs as the weight of added supply in both markets continues to serve as a headwind to rally attempts. Meanwhile, soybean futures enjoyed a double-digit jump on Thursday following a number of supportive news reports, most notably as Brazil's National Supply Company (Conab) reduced their forecast for 2025-26 soybean production in a surprising split from USDA's increase in Monday's WASDE. Outside markets leaned negative, with crude oil staging a sharp reversal after five straight sessions higher on a perceived and at least temporary easing of tensions between the U.S. and Iran. Equities were higher after a two-day profit-taking dip, and the U.S. dollar moved higher for the twelfth time in the past fifteen sessions.
LIVESTOCK:
The live cattle complex is back to trading higher following Wednesday's lower close, as once again the contracts are no longer up against immediate pressure. It's very apparent that the market desires to trade higher, but until traders can see immediate fundamental support in the form of stronger fed cash cattle trade, it's unlikely that they'll boldly advance the market until then. At this point, both bids and asking prices remain elusive. Boxed beef prices are higher: choice up $1.91 ($360.44) and select up $2.28 ($359.93) with a movement of 99 loads (78.80 loads of choice, 5.89 loads of select, 7.82 loads of trim and 6.15 loads of ground beef).
The live cattle contracts may be mildly trading higher, but the feeder cattle contracts were trading with more vigor as most of the contracts were trading over $3.00 higher towards the closing bell. The market is currently pushing up against resistance pressure, which could cause the market some anxiety later this afternoon.
With pork cutout values up sharply, the lean hog complex had a breakout day. So long as fundamental support remains evident, it's likely that traders will continue to push the contracts higher as they've been patiently waiting for this amount of fundamental support to develop so that they can charge the market higher.