By: NATHAN STUEDLE
GRAINS:
May corn closed up 1 3/4 cents and July corn was up 1 3/4 cents. May soybeans closed up 8 3/4 cents and July soybeans were up 8 1/2 cents. May KC wheat closed up 8 1/2 cents, May Chicago wheat was up 8 cents, May Minneapolis wheat was up 10 1/4 cents.
It was an overall thin news day for row-crop futures Tuesday with corn and wheat futures holding above recent chart support. Soybeans led the way higher, primarily borrowing strength from the soybean oil market which once again set new highs for the 2026 rally. Energy markets were moderately higher as U.S. and Iranian officials are reportedly set to meet in Pakistan on Tuesday. President Trump extended the expiration date for the two-week ceasefire agreement to Wednesday to allow negotiators to attempt to find an agreement.
LIVESTOCK:
The big news Tuesday morning for the cattle complex has been another confirmed case of New World screwworm in northern Mexico, just a mere 60 miles from the Texas border. The futures complex is trading lower upon hearing about the news and will likely keep this slightly bearish tone through the next couple of days. There's currently a single bid sitting on the table in Kansas at $246, but otherwise the market hasn't seen any other interest from packers arise. Asking prices remain elusive at this point and it's fully anticipated trade will be delayed until later in the week. Last, but not least, it is worth noting that choice prices are below select prices again as supplies of lean beef remain limited heading into prime grilling season.
In alignment with the live cattle complex, the feeder cattle contracts were also trading lower into Tuesday's close. Last week demand was red hot in the countryside for feeder cattle, but thus far this week the market has seen more mixed interest from buyers as they're soberly aware of the board's current lower demeanor.
Finally, after a painful (very painful) nine-day downward trend, the lean hog complex traded higher. More than anything the market has finally found some consumer support, which is helping traders put a bottom in the market's current move.
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