Grains:
September corn closed down 6 cents and December corn was down 5 1/2 cents. August soybeans closed down 7 1/4 cents and November soybeans were down 6 3/4 cents. September KC wheat closed down 3 1/2 cents, September Chicago wheat was down 2 3/4 cents, September MIAX Minneapolis wheat was up 2 cents.
Corn, soybean, and wheat futures fell on Thursday as prices relaxed following Wednesday's strong session. All three are now testing levels of chart resistance which also spurred a wave of technical based selling, not just the case in U.S. markets but in European futures as well. Bullish arguments for crop prices remain valid with the U.S. heat wave looking to break this upcoming weekend but uncertainty on whether that will be accompanied by any relief rainfall for the Grain Belt. There have also been few recent updates regarding the escalation in the Black Sea war this week with uncertainty surrounding Russia and Ukraine's ability to service international buyers through the upcoming marketing year. Outside markets also leaned bearish on ag futures for Thursday (though have been supportive through the week), crude oil is down marginally after three straight higher sessions while the U.S. Dollar Index recovers from a two day drop.
Livestock:
The live cattle complex was trading lower today as traders continued to be disappointed in the lack of fundamental support available this week in the market. The feeder cattle complex followed the live cattle trading lower as traders weren't going to move the market higher when there's simply not enough support available and when the live cattle contracts were trading lower.
The lean hog complex is trading mostly higher into Thursday's noon hour as the market continued to be fueled by excellent consumer demand.