News of a large Korean sale seemed to boost corn prices Tuesday. Reduced Black Sea tensions undercut corn and the other crop markets Monday, but prices bounced from those lows today. The rise partially reflects strength spilling over from the wheat and soy complexes. However, yellow grain prices also appeared to react well to news of a sizeable Korean purchase of U.S. and South American corn early this morning. May corn gained 7.25 cents to $4.8625/bushel at Tuesday settlement, while December added 5.75 to $4.8775.
The soy complex seemingly posted a big technical advance in Tuesday trading. Soybeans slipped in Monday evening action, but beans and meal rebounded strongly in early trading and climbed farther as the day passed. Little pertinent news was evident, thereby suggesting the bounce was largely technically inspired. May soybeans jumped 26.5 cents to $14.1825/bushel Tuesday afternoon, while May soyoil bounced 0.38 cents to 42.27 cents/pound, and May soymeal surged $9.2 at $455.8/ton.
Reports of Great Plains dryness spurred wheat gains. Persistent tensions associated with the Black Sea situation are probably supporting the wheat markets, but wire service sources are focusing upon dryness dominating the southern Plains and some areas of the Midwest. News that 55,000 tonnes of U.S. wheat had been included in the latest Egyptian purchase also encouraged bulls. May CBOT wheat futures ran up 18.0 cents to $6.925/bushel in late Tuesday trading, while May KCBT wheat futures vaulted 19.75 cents to $7.6325 and May MWE futures climbed 17.25 to 7.415.
Renewed wholesale strength boosted nearby cattle futures. Worries that wholesale beef prices are peaking and could move lower through the second half of March seemed to weigh on the cattle market Monday. However, beef prices posted moderate gains this morning, which apparently spurred fresh bullish interest at the nearby contracts. April cattle futures closed up 0.67 cents at 145.70 cents/pound Tuesday, while August slipped 0.02 cents to 135.40. Meanwhile, April feeder cattle dove 1.07 cents to 176.90 cents/pound, and August sagged 0.52 to 179.37.
Hog futures continued their price spike Tuesday. Cash hog and wholesale pork values reportedly remained very strong in early Tuesday activity, which rather obviously translated into a renewed advance in Chicago. Concerns about a potential top seemed to limit late strength. April hogs leapt 1.52 cents to 123.22 cents/pound as Tuesday’s pit session ended, while June soared 2.22 to 133.00.