By: NATHAN STUEDLE
GRAINS:
July corn closed up 1/4 cents and December corn was up 2 3/4 cents. July soybeans closed up 7 1/4 cents and November soybeans were up 4 1/2 cents. July KC wheat closed down 3 cents, July Chicago wheat was down 3 cents, July Minneapolis wheat was down 9 1/4 cents.
Corn and soybean markets found technical support Tuesday after sinking back to multi-week lows amid ongoing rainfall across the U.S. grain belt and few perceived "big" issues with spring planted crops thus far. Wheat prices corrected following a string of sessions higher as the Black Sea spark from Ukraine's weekend drone bombing campaign has faded, and improved overall crop conditions through the past week also pressured prices for Tuesday. Outside markets were mixed with the U.S. dollar rebounding from the weekend's trade anxiety, while energy markets were again mostly higher. NYMEX crude oil futures are working toward their highest close in three weeks currently.
LIVESTOCK:
Following last week's dynamic trade, the live cattle complex is continued to rally early today as traders believe that the momentum that fueled last week's market will sustain into this week's marketplace. That optimistic view faded after the noon hour and the complex ended red across the board. Asking prices are noted in Texas at $226 but otherwise, the fed cash cattle market hasn't had any other asking prices or bids develop.
The feeder cattle complex was again pleased to be trading higher as the market is grateful to see the added support of the live cattle contract's higher trend. However, the momentum come to a close and finished the day lower across the board. The market's resistance threshold is around $305 in the spot August contract, so the market has some upward room to trade after this pressure from a technical sense.
The lean hog complex was mixed bag as futures contracts are trading on both sides of steady. There hasn't been enough trade in the cash market for prices to even be reported, and pork cutout values were a tick lower. Pork cutout values are trending mostly lower as the only cut that was printing higher at the noon hour was the rib, which is up just $0.70.
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