By: NATHAN STUEDLE
GRAINS:
March corn closed up 1/2 cent and May corn was up 1 cent. January soybeans closed down 1 3/4 cents and March soybeans were down 1 1/4 cents. March KC wheat closed up 6 3/4 cents, March Chicago wheat was up 1 1/2 cents, March Minneapolis wheat was up 1/4 cents.
Tuesday was, as expected, another very quiet session across row-crop futures, with markets falling from early day gains amid a lack of volume required to build momentum to break through technical ceilings. Another round of solid export data from USDA, this time for the week ended Dec. 11 offered some strength, which was countered by at least a temporary unwinding of some of the surge seen in vegetable oil markets on Monday, specifically canola and soybean oil. Palm oil futures in the meanwhile remained sharply higher. Outside markets for Tuesday saw higher equity markets after U.S. third quarter GDP was reported well above expectations and the highest quarterly growth for the U.S. economy at annual rate of 4.3%. Energy markets were mixed to higher as well.
LIVESTOCK:
To no one's real surprise, following Monday's stronger trade, the live cattle complex was back to trading lower as the market's resistance at its 100-day moving average remains a difficult barrier to conquer. Still no cash cattle trade has developed, and the week's volume will likely be rather thin given that it's the week of Christmas and packers will run reduced kill schedules both this week and next. Boxed beef prices are mixed: choice down $3.04 ($359.83) and select up $1.18 ($351.87) with a movement of 58 loads (38.91 loads of choice, 4.72 loads of select, 5.32 loads of trim and 8.78 loads of ground beef).
The feeder cattle complex also traded lower, again seeming to follow the direction of the live cattle complex closely. But even with the market's slight downturn, the spot March contract is still currently trading above its 100-day moving average.
The lean hog complex was rallying into Tuesday's close, waiting for the highly anticipated Quarterly Hogs and Pigs report to be shared later this afternoon. The nearby April contract is currently trading above the market's resistance threshold at $90.00, which was a significant move this morning.