By: NATHAN STUEDLE
GRAINS:
March corn closed down 5 1/2 cents and May corn was down 6 1/4 cents. March soybeans closed up 1 cents and May soybeans were up 1/4 cent. March KC wheat closed down 3 3/4 cents, March Chicago wheat was down 11 cents, March Minneapolis wheat was down 3 1/2 cents.
It was a day of mostly lower price action for row-crop futures with soybeans standing alone on the positive side of the fence. Corn futures were lower and posted a poor close from a technical standpoint despite relatively little in the way of news Tuesday. Most of the bearish pressure for corn came via wheat, with Chicago futures falling sharply just two sessions removed from hitting three-month highs on upward revisions to forecasts for Russia's 2026 crop. Outside markets leaned bearish to ag futures on Tuesday, with a firm U.S. dollar trading counter to continued selling pressure in precious metals. Crude oil (and other energy futures) was lower as well Tuesday, despite early reports of Iran's "partial and temporary" closure of the Strait of Hormuz, a crucial waterway for world oil trade. Risks in this regard were seemingly offset in the eyes of traders by positive feedback following the latest round of nuclear negotiations between the U.S. and Iran in Switzerland on Tuesday.
LIVESTOCK:
It's was a solidly successful day for the live cattle complex as the market is seeing immense support from traders, which is helped the contracts scale well over $1.00 higher into Tuesday's closing bell. More than anything, the robust fundamental support from last week's cash cattle market, mixed with the bullish long-term trajectory, seemed to have traders' full attention this morning. New showlists appear to be mixed, higher in Nebraska/Colorado, about steady in Kansas, and lower in Texas. Boxed beef prices are mixed: choice up $0.86 ($366.91) and select up $0.14 ($361.37) with a movement of 62 loads (45.85 loads of choice, 5.50 loads of select, 3.48 loads of trim and 6.86 loads of ground beef).
Upon noting the strength of last week's fed cash cattle trade and seeing how traders are energetically supporting the live cattle contracts, it's been an easy decision for traders to push the feeder cattle contracts higher. So long as the live cattle complex continues to trade higher, the feeder cattle contracts will likely follow in the same direction.
After a tumultuous downturn over the last seven trading days, the lean hog complex finally found some technical support as traders potentially believe that the contracts have created enough space from the contract highs scored in early February. Pork cutout values were a tick lower this morning, but that did not seem to be affecting traders through today's session.