Corn: May corn rose 8 1/4 cents to $4.64, forging a mid-range close. Corn futures extended Wednesday’s gains, edging back above the 100-day moving average, as risk appetite returned as trade negotiations advance.
Soybeans: May soybean futures surged 15 1/2 cents higher to $10.27 1/4 though closed off session highs. May meal futures climbed $5.10 to $304.90, nearer session highs. May bean oil inched 18 points higher to 43.17 cents. Soybean futures climbed higher for the second consecutive session as fruitful tariff talks led to corrective gains across the grain and soy complex.
Wheat: May SRW wheat rose 5 3/4 cents to $5.54 and near mid-range. May HRW wheat gained 8 3/4 cents to $5.65 3/4, nearer the daily high. May spring wheat futures rose 6 cents to $5.94. The winter wheat futures markets saw modest corrective rallies and short covering today as the Trump administration appears to be showing some more flexibility on its trade tariff threats to its major trading partners, especially Mexico and Canada.
Cotton: May cotton futures surged 154 points to 65.21 cents though closed off session highs as technical resistance limited gains. Cotton futures surged today, building on yesterday’s gain and making up most of Tuesday’s loss.
Cattle: April live cattle lost 27 1/2 cents to $195.275 and nearer the daily high. May feeder cattle fell $1.225 to $273.85 and near mid-range. The cattle futures markets felt some selling pressure from a risk-off trading day in the general marketplace today as the U.S. stock indexes saw sharp losses and are at or near multi-month lows.
Hogs: Delayed tariff action likely spurred fresh buying in hog futures Thursday. Nearby April futures jumped $1.95 to $86.65 at the close. President Trump announced the delay of some tariffs on Mexican products Thursday and exempted some products such as automobiles.