By: NATHAN STUEDLE
GRAINS:
September corn closed up 2 cents and December corn was up 2 3/4 cents. August soybeans closed up 4 1/2 cents and November soybeans were up 4 3/4 cents. September KC wheat closed down 3 3/4 cents, September Chicago wheat was down 9 1/2 cents, September Minneapolis wheat was up 1 cents.
Row-crop futures again moved higher on Thursday for the most part, although in a quiet session relative to Wednesday's jump. Hot and mostly dry weather through the balance of July and early August is at the forefront of traders' minds currently. Meanwhile, reports of strikes against two Saudi oil tankers in the Red Sea by Houthi militants sent Brent crude futures back over $100 per barrel for the first time in two months and Treasury yields continue on a sharp rise on resurgent inflation concerns with the 10-year yield finishing Wednesday at 4.67%, tying mid-May for the highest of 2026 thus far. The U.S. Dollar Index moved higher along with firm interest rates.
LIVESTOCK:
Thanks to some added support from traders, the live cattle contracts were trading higher into Thursday's close. Yes, it is minimally supportive that midday boxed beef prices are higher too; but with the cash market trading starkly lower, it's difficult to say the market is well supported by fundamentals. Following Wednesday's light cash cattle trade where Northern dressed cattle were trading for $365 (which is $12 to $15 lower than the previous week's weighted average) there's been some light business develop this morning in Kansas at $230, but otherwise there's yet to be any further developments. Packer interest should continue to develop throughout the day and perhaps into Friday.
The feeder cattle complex was grateful for the opportunity to trade higher as it gladly follows the live cattle complex to the plus side. As in the live cattle complex, Thursday's movement seems to be solely a technical decision as demand in the countryside for feeder cattle has been softer this week.
The lean hog complex was keeping with its current trend as the contracts were trading higher into Thursday's close. With pork cutout values higher at Thursday's noon hour, it's likely the complex will be able to keep this momentum through Thursday's end and into Friday.