By: NATHAN STUEDLE
GRAINS:
May corn closed up 1 1/4 cents and July corn was up 1 cents. May soybeans closed down 4 3/4 cents and July soybeans were down 4 3/4 cents. May KC wheat closed up 29 cents, May Chicago wheat was up 11 1/2 cents, May Minneapolis wheat was up 9 1/4 cents.
Corn and soybean futures were quiet on Thursday, trading very similarly to Wednesday's session. Meanwhile, wheat was the star of the show, with Kansas City futures soaring to new 2026 highs after USDA's morning Drought Monitor update showed a lingering degree of drought across the U.S., but specifically in the Central and Southern Plains. Geopolitical news was quiet as well on Thursday, with the U.S. and Iran locked in a fight for control of the Strait of Hormuz. Crude oil futures have moved higher each session thus far this week. Equities were mostly lower but overall have enjoyed a solid rally through April and back to record levels on the S&P 500.
LIVESTOCK:
The live cattle complex finally found some technical support and the contracts are scaling higher into Thursday's close, which is a pleasant surprise following the last six days of lower trade. Private sources have shared there's a major packer in Colorado that intends to be dark both Thursday and Friday -- which likely means the fed cash cattle market won't see prices improve later this week as demand will be less. There has been a light trade reported Thursday morning in Nebraska at $386 which is steady with Wednesday's business and $2.00 lower than last week's weighted average. The South is also seeing some live sales marked at $246, which is also steady with Wednesday's business and $2.00 lower than last week's weighted average.
Thankfully the feeder cattle complex is following the lead and direction of the live cattle market as it is trading higher into Thursday's closing bell. Luckily with Thursday's direction change, the spot May contract has been able to keep above its 40-day moving average.
The lean hog complex continued to chop sideways Thursday as the market is thankful for the extra trader support. Unfortunately, traders have noted the midday pork cutout values were lower, but at this point that doesn't seem to be affecting the market's slight upward trend.