By: NATHAN STUEDLE
GRAINS:
December corn closed up 4 1/2 cents and March corn was up 4 1/4 cents. November soybeans closed up 1 cents and January soybeans were up 1 1/4 cents. December KC wheat closed up 9 1/4 cents, December Chicago wheat was up 9 3/4 cents, December Minneapolis wheat was up 3 3/4 cents.
Row-crop futures were mostly higher Tuesday following ugly price action Monday, particularly in the soybean complex as renewed bearish concerns on U.S. export share has gripped the market over the past several sessions. Corn, soybean, and wheat markets in the meanwhile have fallen back to chart support, which helped to slow the price plunge at least for Tuesday. In outside markets, equities were mixed in quiet trade while crude oil futures led the energy sector higher following a 4-day skid, again finding price support near $62 per barrel.
LIVESTOCK:
The live cattle complex traded mixed into Tuesday's closing bell, seeming as though the nearby contracts were hesitant to advance, as the market questions whether or not it has enough support to surpass current resistance levels. Meanwhile, the deferred contracts traded fully higher, with once again the furthest deferred months seeing the greatest gains. No developments have surfaced in the fed cash cattle market, as it's most likely that trade will be delayed until later in the week.
The live cattle contracts may have been feeling some resistance pressure, but the feeder cattle contracts were trading higher -- full steam ahead. It was interesting to note as well that the morale in the countryside was stronger, as prices were mostly higher across all weight classes. More than anything, it seemed as though the support of the futures complex reassured buyers to continue on with their bidding.
It was a breakout kind of morning for the lean hog contracts as traders have pushed the contracts well beyond their previous resistance thresholds. If the market is to maintain this elevated position, it will be imperative that demand holds strong and lends traders some additional fundamental support. Please also note that on Thursday, the Quarterly Hogs and Pigs report will be released from the USDA.