By: NATHAN STUEDLE
GRAINS:
March corn closed down 3/4 cents and May corn was unchanged. March soybeans closed down 5 3/4 cents and May soybeans were down 5 1/2 cents. March KC wheat closed down 1 1/4 cents, March Chicago wheat was unchanged, March Minneapolis wheat was up 3/4 cents.
Row-crop markets were choppy in quiet action Thursday, with traders clearly not wanting to get ahead of themselves to the bullish side with USDA input due out next Monday morning. Outside markets were again mixed influence on agriculture prices on Thursday, with higher energy futures but also a higher U.S. Dollar Index for the ninth time in the past ten sessions potentially taking some wind out of the wheat markets sails with a high degree of world competition to begin 2026. In macroeconomic news, reports are that the Supreme Court could potentially issue a ruling on the legality of the Trump administration's tariff efforts. The U.S. trade deficit of $29.4 billion for October was reported as a 16-year low on Thursday by the U.S. Census Bureau.
LIVESTOCK:
The live cattle complex traded mixed into Thursday's noon hour and traders reluctantly pushed the entire complex higher, but weren't exactly willing to do so in the nearby contracts until late in the session, as they wait to see what's going to develop fundamentally this week. Still no cash cattle trade has developed, but a single bid is currently on the table in Nebraska at $228. Asking prices are noted at $235 to $238 in the South but are still not clearly established in the North. Trade could begin to develop at any point in time now. Boxed beef prices are higher: choice up $2.42 ($356.70) and select up $2.47 ($351.75) with a movement of 115 loads (73.63 loads of choice, 12.35 loads of select, 4.07 loads of trim and 24.51 loads of ground beef).
The feeder cattle complex was trading in the exact opposite direction of the live cattle complex, as most of its nearby contracts were trading higher, but the deferred months (from August 2026 onward) were trading lower for the bulk of the session, but managed to finish fully higher. Demand in the countryside remains strong as buyers are busying filling orders, as the market was quiet over the last two weeks.
Seeming to be a bit braver today, the lean hog complex traded higher into Thursday's closing bell, despite technical pressure still being a barrier and pork demand still pulling the cutout value lower. The real test will come Friday, and whether or not traders can keep the contracts higher through the the close with minimal fundamental support.