By: NATHAN STUEDLE
St. Joseph Post
GRAINS:
July corn closed up 7 cents and December corn was up 6 3/4 cents. July soybeans closed up 2 1/4 cents and November soybeans were up 4 cents. July KC wheat closed up 13 1/2 cents, July Chicago wheat was up 17 cents, July MIAX Minneapolis wheat was up 12 1/4 cents.
U.S. ag markets were mostly higher Tuesday, led again by wheat futures which posted a fifth day higher in the past six for the July Kansas City contract. Corn futures were supported by the strength in wheat despite Monday's planting report from USDA confirming corn plantings in the U.S. still sit ahead of the average pace for mid-May. Soybean futures were quiet but are struggling to regain momentum following last week's biofuel-related selloff, although July prices did manage a second day higher to start the week. Outside markets leaned mostly positive to agriculture on Tuesday with crude oil futures attempting a third straight session higher while the U.S. dollar remains under pressure following Moody's downgrade of the United States' credit rating on Monday.
LIVESTOCK:
Try as it might, try as it hopes, try as it wants, the live cattle complex may be trading mildly higher, but the stars simply don't seem to be aligning for the market to be gaining any momentum. Following the rally and the sharp decline endured late last week, the live cattle complex seems stagnant as traders don't possess enough support to move the complex any higher at this point. Still no cash cattle trade has developed, and trade will likely be delayed until Thursday or Friday.
The feeder cattle complex was also traded mildly higher as it's cautiously following in the live cattle market's wake. It's likely that so long as the live cattle complex continues to trade higher that the feeder cattle market will as well. So far this week, it seems as though prices are trading mostly steady in sale barns across the countryside.
The lean hog complex traded mixed as traders remain leery of coming up against the market's resistance threshold, as they simply don't possess enough power and support to break above that price point currently. Not to mention, it's not helpful either that midday pork cutout values are lower and that cash prices are as well.
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