Welcome to Markets Desk, here's your afternoon rundown.
Corn futures took a hit Thursday, closing down seven to ten and a half cents across most contracts, after the USDA raised its South American production estimates, adding fresh supply to already heavy balance sheets. The national cash corn average fell nearly seven cents to three dollars and eighty and a half cents a bushel.
Shifting to the softs, cotton was a different story entirely, posting gains of thirteen to one hundred thirty-nine points on the session, led by the front months, after the USDA trimmed its carryout figures, tightening the supply picture and giving bulls the fuel they needed. Worth noting, crude oil slid three dollars and sixty-one cents to eighty-six dollars and forty-two cents a barrel after President Trump announced a deal with Iran late in the session.
Meanwhile, live cattle futures staged a solid recovery Thursday, with gains of one dollar seventeen to one dollar ninety-two across the board. Cash trade remained relatively quiet, with bids reported at two hundred fifty-three dollars in the South and two hundred sixty dollars in the North, suggesting the underlying physical market still has some firmness beneath it.
That's the tape. Markets Desk, signing off the floor.
