By: NATHAN STUEDLE
GRAIN MARKET SUMMARY
Grain futures turned lower Tuesday, giving back part of Monday’s sharp rally in a classic “Turnaround Tuesday” session.
December corn fell 6¼ cents to $5.36¾, finishing near the daily low after gaining more than 15 cents Monday. The pullback was largely tied to profit-taking and technical selling following the previous session’s strong advance.
November soybeans finished 2½ cents lower at $13.25½. Soybeans held up better than corn and wheat as soybean meal remained firm, with December meal gaining $2.30 to $370.70 a ton. December soybean oil fell sharply and closed at a three-week low.
Wheat saw the heaviest pressure. December Chicago wheat dropped 9½ cents to $7.17¼, while December Kansas City wheat fell 13¼ cents to $7.81¼. Technical selling weighed on both winter wheat markets after Monday’s rebound.
Overall, Tuesday’s grain trade was a broad reversal of Monday’s strength, with corn and wheat taking the biggest hits while soybeans showed relative resilience.
LIVESTOCK MARKET SUMMARY
Cattle futures also reversed lower Tuesday after Monday’s explosive rally.
October live cattle fell $2.17½ to $218.77½, finishing near the session low. November feeder cattle dropped $2.90 to $323.20, also ending near the day’s low. The decline erased a meaningful portion of Monday’s sharp gains as traders took profits and the market continued its recent pattern of large day-to-day swings.
Even with Tuesday’s losses, the cattle market remains extremely volatile following Monday’s surge of roughly $5 to $6 in live cattle and as much as $9 in feeder cattle.
Lean hogs moved in the opposite direction. October hogs gained $1.12½ to $79.27½, helped by additional short covering after prices fell to a 15-month low late last week.