By: NATHAN STUEDLE
GRAINS:
September corn closed down 4 1/2 cents per bushel at $3.99 1/4 and December corn was down 4 1/4 cents at $4.18. November soybeans closed down 1/2 cent at $10.25 1/2 and September soybeans were down 2 1/2 cents at $10.08. September KC wheat closed up 7 1/2 cents at $5.33 1/4, September Chicago wheat was up 7 1/4 cents at $5.49 1/2 and September Minneapolis wheat was up 0.05 cents at $5.91.
Following the third consecutive week that corn good-to-excellent ratings stayed at an impressive 74%, corn futures leaked lower for a second straight day. Favorable weather in the extended forecast also added to the bearish tone. Soybeans were mixed to lower, with November falling slightly after a two-point decline in ratings. All three wheat markets were very firm on falling spring wheat conditions.
LIVESTOCK:
As time waged on, the live cattle complex turned a little more bullish throughout the day. Initially at the day's start, most of the nearby contracts traded lower, but as the morning progressed, the bullish nature of the market's deferred contracts slowly helped the nearby contracts grow more friendly to the idea of trading higher as well. Some of traders' skepticism comes from the sheer fact that the market is already trading at an all-time high. Also, not to mention the fact that later this week the monthly Cattle on Feed report will be unveiled and it's yet to be seen what this week's fed cash cattle market is going to do. So, all that being said, deep down it seems as though traders want to continue to support the complex, but there are plenty of variables up in the air right now and they don't want to overextend the market. The nearby contracts did finish the day only slightly lower, with the deferreds into the green. No bids or asking prices have surfaced in the cash cattle market.
The live cattle complex took a little bit, getting its bearings straight for the day, but the feeder cattle complex had its mission set in stone before the day even started -- continue to push the market higher. And from the day's initial opening bell, the market did indeed trade higher. Helping spur on traders' ambitious attitude has been the continued demand in the countryside, which continues to be a string of higher prices, nearly each and every week.
Although mid-morning pork cutout values were lower, the lean hog complex continued to trade mostly higher through Tuesday's trade. If it weren't for the butt's $4.12 decline and the rib's $3.01, the carcass price may have been able to hold at least steady.
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