By: NATHAN STUEDLE
St. Joseph Post
GRAINS:
July corn closed down 5 1/2 cents and December corn was down 4 1/2 cents. July soybeans closed up 1 1/4 cents and November soybeans were up 2 cents. July KC wheat closed up 3 3/4 cents, July Chicago wheat was up 2 cents, July Minneapolis wheat was down 3 1/4 cents.
Trade Tuesday was naturally much quieter compared to Monday's WASDE report session. Soybean futures continued to build off Monday's price jump, although gains were muted by strong planting progress made over the past week. The same planting report from Monday afternoon pressured corn prices as well on Tuesday. Wheat markets were mixed among the major varieties, with Kansas City futures finding buying support on technical support despite bearish fundamentals published in Monday's USDA release. Outside markets were mostly of positive influence to ag markets Tuesday with stock indices mostly higher after a cooler-than-expected inflation reading in Tuesday morning Consumer Price Index release. Meanwhile, energy markets continue to mount a comeback from last week's multi-year lows, with NYMEX crude oil futures working toward a fourth straight session higher.
LIVESTOCK:
The live cattle complex again traded mostly higher, which is an improvement from the morning's earlier tone, as at first, traders were leery of overly supporting the cattle contracts. And aside from the spot June contract, all of the live cattle contracts traded higher into Tuesday's close. The only news that has developed in the cash cattle complex is that asking prices in the South are now noted at $223 to $225, but remain unestablished in the North. Trade will likely be delayed until later in the week.
The feeder cattle complex traded mostly mixed, with some of the nearby contracts trading slightly lower. More than anything, traders just simply seem to be looking around, wondering: after Monday's sharp advancement, can the complex sustain these levels?
The lean hog complex traded higher once again, as traders are hopeful that trade relations with China will improve soon. Meanwhile, the spot June contract is trading near the market's resistance at $100, but it has not yet surpassed that threshold. It is also supportive that morning pork cutout values were higher, which traders are also hopeful will be a trend for this week.
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