***** Corn and soybeans closed higher on Tuesday, wheat continued their downfall. Corn closed with modest gains of 1/4 to 1 3/4, soybeans were 1 1/2 to 11 higher and wheat ended the session 8 to 10 1/4 lower.
Corn futures traded with light volume, meaning the market could continue to struggle finding new buying interest and trend sideways for awhile.
Wheat futures were pressured by renewed noncommercial pressure, despite a strong down day in the dollar index. This implies export demand for U.S. wheat supplies remain nonexistent.
Soybean futures were strongest in the old-crop contracts with cash soybean merchandisers indicating they need supplies to meet demand. The new-crop November contract weakened a bit late in the session, but came back to close 5 cents higher.
***** With the exception of the nearby August lean hog contract, livestock finished moderately to sharply lower on Tuesday. Live cattle futures took a hit, finished .85 to 1.60 lower. The nearby August lean hog contract finished 1.025 higher, deferred contracts were .25 to .80 lower.
Live cattle futures started lower at the open and didn’t deviate very far from there. Traders continue to worry about further weakness in midsummer beef demand.
Lean hog August contract was supported by better carcass value and the cash index premium. Deferred contracts were pressured by ideas of seasonal large supplies down the road and spillover selling from the cattle market.
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