GRAINS:
July corn closed down 1 3/4 cents and December corn was down 1/4 cents. July soybeans closed down 3 1/2 cents and November soybeans were up 2 cents. July KC wheat closed unchanged, July Chicago wheat was up 2 3/4 cents, July Minneapolis wheat was down 6 3/4 cents.
After firm overnight trade early Tuesday, row-crop futures faded from early highs by the day session, still supported by the weekend's bullish trade ideas but displaying caution as well given what remain healthy reserves at least for the time being, along with a strong seasonal tendency to hit highs in the late spring or early summer. It is very likely growing-season weather will dictate price direction from here. Meanwhile, energy futures softened on Tuesday after it was reported President Trump canceled an attack against Iran originally scheduled for Tuesday, at the urging of Persian Gulf allies. However, despite the peace efforts there have been very few reports of sustained negotiations between the U.S. and Iran, and the situation remains tense to say the least.
LIVESTOCK:
The live cattle complex was trading mostly higher into Tuesday's closing bell, as the contracts are hopeful that fundamental support will firmly develop later in the week, but are pleased with the slight uptick in boxed beef prices to start the week off. You'll notice a touch of hesitancy in the spot August contract, which likely stems from the contract being near resistance level. More than anything, the market is hopeful that fundamental support will develop from the cash market. However, it is also aware that as packers buy for a holiday-shortened weekend and with a Cattle on Feed report set to be released on Friday, the cash market may not be as fruitful as it has been in recent weeks.
The feeder cattle complex also enjoyed a modest rally into Tuesday's closing bell as traders are willing to let the contracts trade higher so long as the live cattle contracts continue to do so. And so long as the live cattle contracts continue to rally through the afternoon, the feeder cattle contracts will likely do so as well.
The lean hog contracts traded mostly lower into Tuesday's closing bell, as the market continues to struggle to find the support it needs to establish some technical momentum. The biggest strain on the pork cutout values this morning was the $3.37 decline in the loin.