Cattle markets take a breather after Tuesday's all-time high of $253.60 on April live cattle. June fats down almost $3 at midday, feeders hammered $1-$4 on higher corn. But don't panic — cash hasn't traded yet this week, Fed Cattle Exchange listed 1,222 head with bids $2.46-$2.48 and not a single animal sold. This is a cash-led bull market and sellers are holding the line.

The Hormuz blockade expanded this morning to weapons interdiction. 13 vessels turned back, 10 Iranian-flagged tankers rebuffed, 10,000 US forces active in the blockade. Secretary of War Pete Hegseth: "locked and loaded on your critical dual-use infrastructure." Brent bounced nearly 4% to $98.61. National diesel at $5.62 — twenty cents off the all-time record. Ceasefire has 5-6 days left; round-two talks possibly this weekend in Pakistan.

PLUS: Secretary Brooke Rollins reportedly targeting July 7 phased reopening of the Mexican border to feeder cattle starting at Douglas, AZ. Screwworm sterile-fly facility breaking ground in South Texas.

Grains: May corn $4.51¼ up 8¢, beans up 9-11¢, wheat fractionally higher. Drought steady at 50.18% of the Lower 48; relief rains across parts of TX, OK, LA, and the Midwest, but the Southwest stays dry. Severe weather returns Friday and Saturday — tornadoes, baseball-sized hail, and damaging winds from eastern New Mexico to South Central Missouri, broadening across the Southern and Central Plains Saturday.

Fence Post Politics: Farm Bill stalled in the Senate, expires Sept 30; Section 232 tariffs still biting animal pharma; USDA FY27 proposal cuts 19%.

On This Day: Donald Forsha Jones (b. 1890) — father of double-cross hybrid corn. 1996 — Oprah's mad cow segment triggers the Texas cattlemen's lawsuit (Cactus Feeders' Paul Engler leads; they lose).

Sports: A's split four with Texas, 10-9 and tied for the division lead. White Sox in town tomorrow — Aaron Savale on the mound vs. Munetaka Murakami.

Sponsors: Lone Star Stockyards (Wildorado, TX) — Foster Brothers Bull Sale Friday April 17. Atkinson Livestock (Atkinson, NE) — special bred cows & pairs auction Tuesday April 21.

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