By: NATHAN STUEDLE
St. Joseph Post
GRAINS:
May corn closed down 6 cents and December corn was down 6 1/2 cents. May soybeans closed up 5 1/2 cents and November soybeans were up 3/4 cents. May KC wheat closed down 4 3/4 cents, May Chicago wheat was down 3 cents, May Minneapolis wheat was down 4 1/2 cents.
Ag markets continued their subdued, choppy nature Tuesday, with soybean prices showing life to recover Monday's losses. Meanwhile corn futures broke to their lowest price since April 10 but also held chart support. Wheat prices traded lower despite slightly declining conditions reported by the USDA in Monday's Crop Progress report, as rainfall remains in the forecast across the Midwest, with coverage stretching into western hard red growing areas, many of which had been dry through the winter. Overall, Tuesday's trade continued to be driven by mainly technical features as fresh fundamental drivers were lacking. In outside markets, it was a day of recovery as stocks rebounded from the Trump-versus-Powell-induced selloff to begin the week, helped along by positive trade comments from Treasury Secretary Scott Bessent. The U.S. dollar also posted a modest move higher as a result.
LIVESTOCK:
The live cattle complex was back in action as the market was fronting a promising $1.00 to $2.50 push heading into Tuesday's close. The market is close to nearing resistance pressure in the spot June contract, but if fundamental support is ample this week (especially in the form of strong box prices and fed cash cattle prices) there's a chance that traders could take on the market's resistance. The only other key fundamental component that needs to be monitored this week is throughput, as Monday's slaughter was light at just 100,000 head.
The bullish front of the cattle complex is being spurred on by the feeder cattle complex as all of its contracts traded higher into the day's closing bell. Like the spot June live cattle contract, the spot May feeder cattle contract is nearing market resistance that could be problematic for traders if they don't see continued fundamental support later this week.
The lean hog complex also enjoyed a fruitful day where the front four contracts were trading above $1.00 higher. It's rather impressive to see the spot June contract trading at the highest it's been since the end of February, and the market is also on its ninth consecutive day of higher trading. The additional support of stronger pork cutout values is lending a helping hand as well, which is mainly to thank again this morning because of the $3.47 jump in the belly.
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