GRAINS:
May corn closed up 7 cents and July corn was up 6 1/4 cents. May soybeans closed up 4 3/4 cents and July soybeans were up 3 3/4 cents. May KC wheat closed down 8 1/4 cents, May Chicago wheat was down 6 1/4 cents, May Minneapolis wheat was down 7 cents.
Ag markets for the most part continued Wednesday's trading pattern, as wheat markets again led the way lower after a poor round of export data from the USDA Thursday morning. Wheat markets did, however, find some traction in the later hours of the session as the weather for the most part still remains on the bullish side of the fence for hard red growing areas. Corn and soybeans were able to move higher led mostly by corn which benefitted from another solid round of export sales reported Thursday morning. Outside markets were mostly positive with stock indices up but the U.S. dollar strength following the Fed meeting Wednesday has pressured wheat. The Federal Reserve, as expected, decided to leave its target rate steady in the March meeting. The majority of policymakers still see two cuts later in 2025, but the Fed did offer a more uncertain stance on general economic conditions through 2025, expecting a higher level of inflation and a slower rate of growth for the U.S. economy through the year; tariff policy was cited as the leading unknown variable.
LIVESTOCK:
The live cattle complex is again trading higher as the market continues to twiddle its fingers, waiting for the cash cattle market to spring into action. Thankfully, boxed beef prices are higher, which continues to lend fundamental support while the market waits to see what the cash cattle complex does. Slaughter disruptions amid blowing snow and hurricane type winds are expected again today. A note was shared earlier Thursday that at least on Eastern Regional, packers will not slaughter today or Friday, which will impact weekly throughput numbers.
The feeder cattle complex also traded higher after the market successfully closed at new all-time highs on Wednesday afternoon. The market has plenty of fundamental support encouraging it to continue to trade higher. However, without full buy-in and support from the live cattle contracts, traders are slowing pulling up the reins on the market's relentless rally.
With a sorry export report, it's not surprising to see the lean hog complex again trading lower. From a solely fundamental sense, it is supportive to see both cash prices and pork cutout values trading higher. However, pork cutout values have been too unreliable to bank on a higher trend at this point.
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