By: NATHAN STUEDLE
CLOSING GRAIN MARKET SUMMARY
Grain futures finished broadly higher Tuesday, with corn continuing its recent rally and soybeans bouncing back from Monday’s losses.
Corn was higher across the board. September gained 9 cents to finish at $5.00-and-a-half, while December added 8 cents to $5.23-and-a-half. March corn gained 8-and-a-quarter to $5.38-and-a-half. December posted a new contract-high close as the market continues to react to lower crop expectations following last week’s Pro Farmer Crop Tour.
Soybeans also had a strong session. September gained 12 cents to $12.28, while November rallied 13-and-a-half cents to $12.37-and-three-quarters. January beans added 14 cents to $12.52-and-a-quarter. Soybean meal was mostly steady to modestly higher.
Wheat joined the move. September Chicago wheat gained 3-and-three-quarter cents to $6.85-and-a-half, while December added 3-and-three-quarter to $7.03-and-a-quarter. Kansas City September wheat gained 4 cents to $7.54-and-a-half, with December up 3-and-a-half at $7.70-and-three-quarters.
Overall, another strong session for the grain complex, led by continued strength in corn and a solid rebound in soybeans.
CLOSING LIVESTOCK MARKET SUMMARY
Livestock futures finished sharply lower Tuesday, with another round of heavy selling in cattle and weakness across the lean hog market.
Live cattle were lower across the board. August dropped $1.97 to $218.10, while October fell $2.65 to $210.95. December lost $2.07 to finish at $212.12. October cattle finished near the session low and dropped to an eight-month low.
Feeder cattle took the biggest hit. September feeders plunged $4.95 to $319.27, October lost $4.95 to $313.32, and November dropped $5.27 to $305.70. Deferred contracts were down more than five dollars in several months, with November also reaching an eight-month low.
Lean hogs were lower as well. October dropped 67 cents to $80.45, December fell $1.12 to $70.35, and February lost $1.25 to $73.17-and-a-half.
So another difficult day for livestock, with follow-through selling hammering the cattle complex while lean hogs remained under technical pressure.