By: NATHAN STUEDLE
GRAINS:
Corn, soybeans and soy products finished firm on Thursday with Kansas City wheat down for a sixth consecutive day and all three wheat markets lower. July corn was able to bounce above the major support area of $4.50, and July beans likewise stayed above the $11.80 area. There was a dearth of news as traders await a solid peace plan with Iran and the return of China to U.S. ag markets. News sources indicate a memorandum of understanding (MOU) has been reached with Iran for a 60-day extension of the ceasefire and nuclear negotiations to continue, but is awaiting presidential approval.
July corn closed up 3 1/4 cents per bushel at $4.55 3/4 and Sept. corn closed up 4 1/2 cents per bushel at $4.64 1/4 and July soybeans closed up 9 1/4 cents at $11.94 1/2 and August soybeans were up 11 1/4 cents at $11.96. July KC wheat closed down 4 1/2 cents at $6.65 1/4, July Chicago wheat was up 1 1/2 cents at $6.24 and July Minneapolis wheat was down 3/12 cents at $6.77 1/4.
LIVESTOCK:
With boxed beef prices lower and still no cash cattle trade developing, the live cattle futures are trading slightly lower into Thursday's noon hour. A single bid is on the table in Kansas at $253, but otherwise the cash market sits idle with no business yet. With it being a holiday-shortened week, export data will be released on Friday.
The feeder cattle complex was also trading mostly lower, other than the November 2026 and January 2027 contracts. But without the support of the live cattle contracts, the feeder cattle complex isn't willing to boldly step out and trade higher by itself.
The lean hog contracts are lower as traders aren't willing to advance the contracts following Wednesday's modest move higher. It's unfortunate because Thursday there's signs of stronger consumer support with the midday pork cutout values up over $2.00. But traders are leery of being too ambitious.