By NATHAN STUEDLE
St. Joseph Post
GRAINS:
May corn closed up 4 1/2 cents and July corn was up 5 cents. May soybeans closed up 19 1/2 cents and July soybeans were up 21 cents. May KC wheat closed up 8 1/4 cents, May Chicago wheat was up 3 1/2 cents, May Minneapolis wheat was up 2 cents.
After somewhat head-scratching price action following Monday's onslaught of USDA data, market sentiment was much clearer Tuesday with corn, soybeans, and wheat all trading higher in apparent consensus to focus on the bullish aspects of Monday's reports. The markets will have technical roadblocks to an attempted rally and weather both in the U.S. and abroad will take an increased level of precedence to the markets as planting season has arrived. In outside markets, U.S. stocks continued choppy action on Tuesday ahead of Wednesday's long-awaited announcement from the Trump administration regarding tariff action. The announcement is expected at 3 p.m. CDT on Wednesday. Stock indices noted two-sided trade on Tuesday as some investors are holding out optimism that U.S. trade policy Wednesday will be precise and at least fill in some unknowns that have had the market anxious over the past month plus. In biofuel news, the Trump administration released over half a billion dollars for biofuel blending initiatives on Monday, in the latest optimistic sign that the administration has the biofuel industry in mind despite the uncertainty in the industry through 2025 thus far.
LIVESTOCK:
The live cattle complex may have initially been trading lower this morning, but as the market plodded through the day, stronger tones powered the live cattle market. Following the market's lower ascend on both Friday and Monday, traders now again sit in a better technical position as they are no longer up against immediate resistance pressure. From a fundamental standpoint, boxed beef prices are showing ample support, but no cash cattle trade has developed yet and won't likely develop until Friday. And yes, your choice cuts really were up over $7.00 this morning -- that's no April Fool's joke! Asking prices are noted in the South at $212 but are still not established or known for the North.
The feeder cattle complex is "feeling its oats" as the market charged mostly $2.00 higher into Tuesday's noon hour. The spot May contract is still about $2.00 lower than the market's resistance threshold, so traders were able to maintain their stronger tune throughout the afternoon without too much opposition.
Although pork cutout values made a trend lower, the lean hog complex traded higher as the market is rallying on some of the positive energy stemming from the cattle complex's change in direction. The biggest hindrance to the morning's pork cutout value was the $4.75 decline in the belly.
Click HERE for audio