By: NATHAN STUEDLE
GRAINS:
September corn closed down 3 1/2 cents and December corn was down 4 1/4 cents. August soybeans closed down 15 1/2 cents and November soybeans were down 10 3/4 cents. September KC wheat closed up 9 cents, September Chicago wheat was up 12 cents, September Minneapolis wheat was up 8 1/4 cents.
Corn and soybean markets headed lower Thursday with traders seemingly unimpressed by the soybean export sales reported in the week ended July 2, and ahead of Friday's WASDE reports, which may temporarily show increased soybean supplies incoming for fall 2026. Corn futures were caught between bearish influence from profit-taking in European futures (down for a third straight session) and higher wheat markets as well as a two-week forecast for the U.S. Corn Belt calling for above-average temperatures and sporadic rainfall. Wheat futures were supported Thursday in anticipation of bullish fundamental changes in Friday's WASDE report, both domestically and internationally. In outside markets, energy markets were lower Thursday despite the situation in the Middle East remaining at its most tense point in weeks.
LIVESTOCK:
Unfortunately, the same song and dance is seen today in the live cattle complex as the contracts continue to scale lower. Some light cash cattle trade has begun to develop as a handful of cattle have traded at $248 in Texas; but not enough have sold to say any sort of trend has been solidified just yet. Bids of $248 are also noted in Kansas and bids of $393 have surfaced in Nebraska. Boxed beef prices are mixed: choice down $1.38 ($379.82) and select up $1.10 ($364.19) with a movement of 31 loads (24.84 loads of choice, 3.26 loads of select, zero loads of trim and 3.02 loads of ground beef).
Sadly, the higher momentum the feeder cattle contracts had through Wednesday's close ran dry as Thursday the market is back to following the live cattle contracts lower. Currently the spot August contract is trading just below its 100-day moving average as weakness continues to spread.
The lean hog contracts continue to trade mixed with the deferred contracts more confident in the market's outlook than the nearby contracts. Luckily with midday pork cutout values up slightly, the market should be able to keep its stronger position in the deferred contracts.