GRAINS:
Wheat and soybean meal markets took off Tuesday. Wheat got a boost from a strong Paris milling wheat market and the ongoing dryness in Russian wheat areas. October soymeal rallied for the third consecutive day to the highest level since mid-June. Corn and soy markets were firmer for much of the day with December corn finding little chart resistance above $4.23. Soybeans and bean oil, after rallying midsession set back late.
December corn closed up 4 1/4 cents per bushel at $4.29 and March corn was up 5 1/4 cents at $4.46 1/2. November soybeans closed up 1/4 cent at $10.57 1/4 and January soybeans were up 1/4 cent at $10.75 1/2. December KC wheat closed up 14 1/2 cents at $5.98 1/4, December Chicago wheat was up 15 cents at $5.99 0/1 and December Minneapolis wheat was up 13 cents at $6.34 3/4.
LIVESTOCK:
The livestock complex is trading aggressively into Tuesday’s close as all three of the markets are trading higher, though the feeders lagged in the last 30 minutes of trade. Still no bids or asking prices have been posted for the cash cattle market. With Monday’s afternoon boxed beef prices closing higher and midday boxed beef prices higher again today, trades are seeing fundamental support which is giving them the confidence to again push the live cattle complex higher. With midday pork cutout values higher, the lean hog complex is rocking and rolling into Tuesday’s close aggressively.
