By: NATHAN STUEDLE
GRAINS:
May corn closed up 3 cents and July corn was up 2 cents. May soybeans closed down 8 1/2 cents and July soybeans were down 7 1/2 cents. May KC wheat closed up 3/4 cents, May Chicago wheat was up 2 1/4 cents, May Minneapolis wheat was up 4 1/4 cents.
In many ways, Tuesday's session was the opposite of Monday, an unwinding of risk-off positions following comments by President Trump signaling the first real peace negotiations of the war with Iran, something that has been officially disputed by Iran in the past day. Grain markets recovered along with crude oil futures, while soybeans again broke away from most row crops to trade lower. Also, unlike Monday's session, volatility took a step back with much narrower price ranges for futures. Equity markets were mixed Tuesday, with the Dow Jones Industrial Average working toward a second straight session higher, a rare feat over the past few weeks.
LIVESTOCK:
The live cattle complex wasn't confident about its position at the day's start, but upon seeing midday boxed beef prices stronger, the market gained some momentum and traded fully higher into Tuesday's closing bell. Still no developments have surfaced yet in the fed cash cattle market, and it's likely that the day's trade will be delayed until the later part of the week. But at this point in time, both bids and asking prices remain elusive.
In keeping alignment with the live cattle complex, the feeder cattle contracts traded higher into Tuesday's close as well. Not only are traders pleased to see the slight improvement in the live cattle sector and in boxed beef prices, but they're also pleased to see greater interest again this week in the countryside for feeder cattle.
The lean hog complex continued to scale lower for the bulk of the session as the market needs to see greater fundamental support before it will be able to establish a technical bottom for the market's current move. Thankfully, again today, midday pork cutout values are slightly higher, which led to a mixed finish on the day, but traders need to see consistent and stable support before they'll likely lend any aid to the complex.