***** With the exception of the nearby August 2015 soybean contract, the corn and soybean pits closed higher. Wheat finished the day mixed.
Corn futures settled 2 to 3 3/4 higher in the midst of light-volume trading. Scattered showers were seen around the central and Southern Plains with heavier amounts expected this week in eastern Kansas and Missouri. Temperatures remain moderate for most of the Corn Belt, favorable for row crops. December corn prices should be able to hold above the June low of $3.62 1/2 until more is known about this year’s crop.
Soybean futures deferred contracts closed 3 3/4 to 6 3/4 higher. Soybean futures were supported by a 3.7% gain in China’s stock market overnight and commercial buying in new-crop soybeans and meal. Tuesday’s bounce back after prices tested a new six-week low on Monday, was a positive sign soybean demand remains active.
Wheat futures closed with the Sept 2015 to Sept 2016 contracts 1 to 5 ½ lower. The distant deferred contracts were 1/2 cent higher. Wheat futures saw early support, but fell back as the U.S. dollar traded higher. Overall, the wheat condition index was positive, especially considering there is no significant weather threat outside of the Pacific Northwest and western Canada. World production may be down slightly, but not enough to impact wheat’s large supplies.
***** The livestock markets closed mostly higher on Tuesday.
Live cattle futures finished .35 lower to .275 higher. Early support quickly died out due to lack of additional volume. Cash cattle markets were quiet, and it is expected that trade will be pushed to the second half of the week.
Lean hog futures were higher, excluding the distant June 2016 contract which was only down .075 - other contracts were .20 to 2.15 higher. Lean hog futures continued to strengthen, with traders more focused on the direction of pork values early in the week and the ability to draw more focus on future demand through the month of August, and possibly helping to build support through the rest of the fall.
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