***** A little bit of a reprieve from yesterday’s strong losses. Corn futures settled 1 3/4 to 3 1/4 higher, wheat 3 1/4 to 9 1/2 higher and soybeans 11 3/4 to 14 3/4 higher.
The corn market finished with modest gains compared to most commodities, although their closes were near the highs of the day, possibly leading to light follow-through buying overnight.
Soybean futures closed with double-digit gains, but the market is still within striking distance of last fall’s low of $9.04. The weakening carry of the November-to-January futures spread indicates todays push was attributed to light commercial buying.
Wheat futures had the strongest comeback of the three grains, nearly erasing Monday’s sell-off. Technical indicators signaled early in the session that the wheat market looked to be in the process of establishing minor (short-term) bullish signs.
***** Strong up day in the livestock markets on Tuesday. Live cattle futures closed 1.60 to 2.975 higher, lean hogs were .25 to 1.60 higher.
Buyer support lifted live cattle futures with triple-digit gains throughout the complex. The fall contracts led the path higher, finishing with gains over $2/cwt.
Spillover buyer support from the live cattle market helped to create additional and renewed interest into all meat markets. Lean hog futures had triple-digit gains in the front two contracts, but moderate gains were seen in the further deferred contracts.
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