Tight Cattle Market Holds as Oil-Driven Selloff Hits Corn and Soybeans

Overview

• Following Wednesday's steep oil selloff linked to reports of a U.S.–Iran memorandum that would ease Strait of Hormuz flows, corn fell about 8 to 13 cents and soybeans dropped roughly 17 to 21 cents by midday.
• Live cattle, which rebounded Tuesday and added gains by Wednesday midday, held support from last week’s cash deals near $256 to $257 per hundredweight.
• USDA data showed federally inspected cattle slaughter running below last year early this week, signaling tighter fed supplies that continue to underpin prices.
• USDA’s APHIS reported 1,674 active New World screwworm cases in Mexico, including clusters in border states, raising biosecurity and cross‑border cattle trade concerns.
• CFTC reported money managers added about 79,700 bullish corn contracts and cut lean hog longs, a positioning shift that has pressured hog futures and amplified swings across farm commodities.