By: NATHAN STUEDLE
GRAINS:
July corn closed up 1 1/2 cents and December corn was up 3/4 cents. July soybeans closed down 8 1/4 cents and November soybeans were down 2 cents. July KC wheat closed down 3 1/2 cents, July Chicago wheat was down 7 3/4 cents, July Minneapolis wheat was up 4 cents.
The June World Agricultural Supply and Demand Estimates (WASDE) report from USDA came in mostly as expected Thursday, with very few overall changes to the corn and soybean balance sheets both in the U.S. and the world. Wheat garnered most of the attention from USDA, reaffirming forecasts for very strong winter wheat production in the U.S. and the world. In outside markets for Thursday, equity markets were cautiously higher amid this week's positive trade news regarding China but perhaps a little anxious regarding the upcoming July 8 deadline for the 90-day tariff pause as well, with many deals still on the table according to the White House. Energy markets pushed higher with NYMEX crude oil futures recovering more of the April 3 losses amid tensions between Israel and Iran and Wednesday's stock decline reported by the Energy Information Administration.
LIVESTOCK:
Although boxed beef prices are again higher, the live cattle complex continued to hold its breath -- trying to wait patiently for more trade to develop in this week's fed cash cattle market. There's been a light movement of cattle traded in the South at $235, which is $5.00 higher than last week's weighted average, but there's not been any trade noted in the North yet. Asking prices for cattle left to trade in the South are firm at $236 plus and are still not known for the North. Thursday's WASDE report shared supportive news for both the cattle and beef markets of 2025. Beef production for 2025 was decreased by 65 million pounds as fed steer and heifer processing was lower than anticipated in the second quarter of 2025, and production throughout the rest of the year is expected to be light.
The feeder cattle complex also traded cautiously through Thursday's session, as traders want to see technical support from the live cattle complex before they'll likely again push the contract prices higher. Demand is still incredible in the countryside, so the board's lower push is solely a technical decision.
Packers may have bought enough hogs for the week that cash prices are slightly lower. However, lean hog complex traders aren't concerned with that business as they're simply impressed that pork cutout values are still higher, which is what really matters in their minds. The only major cut printing lower this morning was the picnic, which is just down $0.80, but otherwise every single other major cut was higher. Thursday's WASDE report shared mixed news for pork and hog markets of 2025. Pork production for 2025 was unchanged from last month's report at 27,996 million pounds. Quarterly price projections were supportive as each quarter was increased from last month's anticipation.
Click HERE for audio