GRAINS:
November soybeans closed down 19 1/2 cents Tuesday, extending Monday’s 30 1/4-cent loss with bearish influence from a 2.14-cent loss in August soybean oil. Corn and wheat prices tried to trade higher but finished narrowly mixed. September corn ended up 3/4 cent and December corn was up 3/4 cent. August soybeans closed down 17 3/4 cents and November soybeans were down 19 1/2 cents. September KC wheat closed up 1/2 cent, September Chicago wheat was up 1 1/2 cents and September Minneapolis wheat was unchanged.
LIVESTOCK:
All three livestock markets are trading lower as both beef prices and pork cutout values are lower. The live cattle contracts were trading higher earlier Tuesday, but with the onset of weaker boxed beef prices, both the live cattle and feeder cattle contracts tumbled fully lower, as demand remains a top priority in gauging fundamental support. Even though pork cutout values closed higher Monday afternoon, the lean hog complex traded lower as traders are desperate to see consistent support from consumers as opposed to the flip-flop closes the market has been seeing.
