By: NATHAN STUEDLE
GRAINS:
December corn closed down 2 3/4 cents and March corn was down 3 1/4 cents. November soybeans closed up 1 3/4 cents and January soybeans were up 1 1/2 cents. December KC wheat closed down 3 cents, December Chicago wheat was up 2 cents, December Minneapolis wheat was down 2 3/4 cents.
Grains were mixed Tuesday as the brief price boost from Friday's supportive Pro Farmer yield estimates have seemingly grown stale as traders at this rate are chomping at the bit for field data to base their next price bets on. Outside markets were mixed on the news that President Trump plans to move ahead with firing of Fed Governor Lisa Cook. Equities treaded near even, while Treasury yields were a touch higher. Meanwhile, energy markets are correcting lower Tuesday, snapping a streak of positive sessions built primarily around Black Sea concerns.
LIVESTOCK:
The worry and concern that plagued Monday's live cattle market regarding the case where a traveler who was traveling abroad tested positive for New World screwworm in Maryland no longer seems to be at the forefront of the market's mind anymore. Currently, the October contract is trading at a new contract high as traders seem to be pressing onward aggressively and are encouraged to see boxed beef prices up as much as they are. Still no cash cattle trade has developed, but asking prices are noted in the South at $243, and remain unestablished in the North.
The feeder cattle complex was trading throughout the day with vengeance as the market gapped higher this morning and hasn't looked back since. And with the notable gain seen yesterday in feeder cattle sales across the country, the fundamental support is there for traders to make this kind of move.
Although morning pork cutout values were a tick lower, the lean hog complex challenged the market's resistance in the spot October contract, as currently, trader support is more than ample. There's a chance that with morning pork cutout values lower than traders could become weary at any point in time, but at this moment, support and stronger trends seem to be the market's trajectory.