Corn and soybeans close higher Thursday, with wheat setting back. Cattle make new contract highs, while hogs consolidate.
Dave Chatterton, Strategic Farm Marketing, says corn was supported by strong demand with a 59 million bu. weekly export figure Thursday morning and unconfirmed talk that Brazil was buying U.S. corn.
Soybeans saw a late day recovering following corn but the lack of farmer selling was also positive for both corn and soybeans.
He says the markets are also seeing some positioning end of month, end of quarter and heading into the big USDA reports at the end of March, plus possible tariffs to start April.
Wheat futures continued to consolidate removing weather premium with rain and snow falling in dry areas of winter wheat country, but a higher dollar and poor exports were also part of the story.
Wheat exports saw net cancellations of 9.1 million bu. which was also a marketing year low.
The Fed left interest rates unchanged in the March meeting but Fed Chair Jerome Powell used the word uncertainty several times to describe the economy moving forward with tariffs looming.
He indicated a couple of rate cuts in 2025 but the market is saying otherwise with the dollar strengthening and gold making all time highs.
This could impact money flow in the stock market and in turn the ag commodities.
Both live and feeder cattle futures made new contract highs.
The strength in the market has come from weather, tight supplies, bullish expectations for the Cattle on Feed Report on Friday and higher boxed beef values.
Lean hog futures ended lower as exports were a marketing year low.
