By: NATHAN STUEDLE
GRAINS:
December corn closed up 5 cents and March corn was up 3 1/4 cents. November soybeans closed up 4 1/4 cents and January soybeans were up 4 1/4 cents. December KC wheat closed up 1/2 cents, December Chicago wheat was up 3 3/4 cents, December Minneapolis wheat was down 1 1/2 cents.
Corn, soybean and (for the most part) wheat markets were higher on Thursday as traders continue to speculate how far production in 2025 could fall from prior estimates amid talk of lower-than-expected yields. Compounding that effect were reminders this week that the demand for U.S. grains and oilseeds remains very strong, especially within the U.S. Outside markets were mixed on Thursday as renewed trade war concerns are weighing on equities, with the Dow Jones Industrial Average down for the seventh time in the past ten session. Energy markets are also lower, closing in on May lows for crude oil futures.
LIVESTOCK:
With the anticipation that fed cash cattle prices will trade higher again this week; traders continued to push the live cattle contracts at least softly higher into Thursday's closing bell. Again, today it's the market's deferred contacts that are seeing the biggest day-over-day gains as everyone in the industry is clearly recognizing that although supplies are thin now, they're going to become even thinner before the cowherd is rebuilt. A few bids are now on the table in the North, where packers are offering $370 for dressed cattle. But at this point, still no cash cattle have traded. Asking prices are set in the South at $240 plus, and in eastern Nebraska at $380.
The feeder cattle complex also traded higher into Thursday's close as traders continue to believe in the market's positive long-term fundamentals. Demand has been utterly incredible this week in sales across the countryside, as shown by the CME feeder cattle index's rally, which reached a new all-time high Wednesday afternoon at $374.47.
The lean hog complex was again trading lower as the market simply isn't seeing the fundamental support it needs to give traders enough confidence that the contracts should trade steady to somewhat higher. Yes, pork cutout values may be a tick stronger, but overall demand has been volatile, and traders want steadfast confidence.