By: NATHAN STUEDLE
GRAINS:
What began as another mixed and dull trade for Wednesday saw soybeans again gain bullish favor by late morning, shaking off overnight lows for the third time this week and very close to challenging November highs on the May contract. Corn futures were also able to move higher for the third time in the past four sessions and back among the highs of the year thus far. Meanwhile, wheat futures continue to slide on profit-taking directly tied to simmering geopolitical concerns ahead of Thursday's continuation of negotiations between the U.S. and Iran. Along those lines, crude oil futures were lower for the third straight session, but remain among the highs of 2026 with risk premium baked in. Equity markets continued their recovery of Monday's losses and treasuries were quietly lower.
May corn closed up 3 1/2 cents and July corn was up 2 3/4 cents. May soybeans closed up 9 3/4 cents and July soybeans were up 9 1/4 cents. May KC wheat closed down 2 3/4 cents, May Chicago wheat was down 3 1/2 cents, May Minneapolis wheat was up 1 1/2 cents.
LIVESTOCK:
The live cattle complex traded mostly lower into Thursday's closing bell, as the market seems to be holding its breath, unsure what's going to shake out in this week's fed cash cattle market and whether or not a strike is going to happen at JBS's plant in Greeley, Colorado. And with the market nearing resistance pressure, traders are simply unwilling to advance the contracts without further fundamental support. There are bids currently on the table in Nebraska and Texas, but no cattle have traded yet. Asking prices are noted at $388 to $390 in the North and at $250-plus in the South. Boxed beef prices were mixed: choice down $0.24 ($378.99) and select up $3.79 ($370.86) with a movement of 49 loads (28.44 loads of choice, 5.69 loads of select, 4.04 loads of trim and 10.55 loads of ground beef).
The feeder cattle complex was feeling the full effect of the market's underlying uncertainty as its contracts traded $5.00 to $6.00 lower for the bulk of Thursday's session. Without seeing the live cattle contracts trading higher -- and still no reassurance as to what's going to come of this week's fed cash cattle trade -- the feeder cattle contracts were left to trade sharply lower.
After an impressive seven-day rally, some of the nearby lean hog contracts traded slightly lower into Thursday's closing bell. With pork cutout values down again slightly, traders may be opting to reel back their support of the contracts until the market's fundamentals improve.