By: NATHAN STUEDLE
GRAINS:
March corn closed up 1/4 cent and May corn was down 1 3/4 cents. March soybeans closed up 5 1/4 cents and May soybeans were up 5 1/2 cents. March KC wheat closed down 5 3/4 cents, March Chicago wheat was down 2 cents, March Minneapolis wheat was down 2 3/4 cents.
There was very little impactful news for Tuesday to drive prices. Soybean futures appear to have found a comfortable range of liquidity with an early attempt lower rejected by buyers who are still finding optimism in a firm soybean oil market. Meanwhile, corn futures remain sluggish and confined to their February price range with profit-taking in wheat through the week thus far a source of spillover weakness. Outside markets for Tuesday saw recovery in equities after an ugly start to the week on Monday. Energy markets remain generally elevated relative to their 2026 range thus far but are treading this week with the next round of U.S.-Iran negotiations upcoming on Thursday. In other outside market news, President Trump's State of the Union address is Tuesday evening at 8 p.m. CST, and investors will undoubtedly be tuned in to hear comments regarding the U.S. economy, tariff situation, and more.
LIVESTOCK:
The live cattle complex continued to trade mixed as it's unclear whether or not an agreement was reached at the JBS packing plant in Greeley, Colorado, to avoid a union plant strike. This uncertainty had the nearby contracts trading slightly lower, while the deferred contracts were trading mildly higher. Still no cash cattle trade has developed, and it's unlikely any trade will surface ahead of Thursday or Friday. Boxed beef prices are higher: choice up $6.65 ($375.87) and select up $1.79 ($366.10) with a movement of 58 loads (39.59 loads of choice, 4.96 loads of select, zero loads of trim and 13.79 loads of ground beef).
The live cattle complex may have traded mixed, but the feeder cattle contracts found a little more support and were softly to fully higher moving into Tuesday's closing bell. More than anything it seems the market is no longer up against immediate resistance pressure, which is why traders are comfortable to now allow the contracts to push slightly higher.
The lean hog complex maintained with its recent trend and traded solidly higher into Tuesday's close. This morning's pork cutout values were down slightly, but prices were stronger Monday and the market remains far enough away from technical resistance pressure that traders are comfortable advancing the contracts at this point in time.