Ag markets proved generally strong again Tuesday

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Corn futures firmed Tuesday morning. The easing of tensions over Russia’s invasion of Crimea eased overnight, which undercut corn and wheat prices. However, the implications of that situation seemed to come to the fore again as the morning passed, with corn futures rising modestly by midsession. May corn rose 5.25 cents to $4.7575/bushel late Tuesday morning, while December added 3.25 to $4.7975.

Declining production forecasts are boosting the soy complex. Soybean futures began Tuesday firmly, then moved higher in response to a fresh downward revision to global production prospects by Oil World. Those views were reinforced by published reports from a respected U.S. firm later in the morning. May soybeans climbed 12.5 cents to $14.2175/bushel in late Tuesday morning action, while May soyoil surged 0.65 cents to 43.03 cents/pound, and May soymeal edged up $1.9 to $452.4/ton.

The wheat markets turned mixed as noon approached Tuesday. Wheat futures fell sharply in response to the easing of Russia/Ukraine tensions Monday night. However, with the potential for a larger conflict and/or disruptions to Black Sea wheat shipments seemed to offer renews support this morning. The monthly state wheat condition ratings posted Monday afternoon also seemed better than many expected, which may seems to be weighing on the Kansas City market. May CBOT wheat futures advanced 3.5 cents to $6.35/bushel around midsession Tuesday, while May KCBT wheat futures gained 2.0 cent to $7.02, and May MWE futures rallied 7.75 to $6.8025.

Cattle futures turned sharply higher Tuesday morning. CME traders were seemingly confused about short-term cattle and beef price prospects to start this week. However, beef cutout leapt higher Monday, which seemingly spurred a belated response today. Indeed, traders are probably looking for more of the same during the days just ahead, which could spur packers to bid aggressively for fed cattle later this week. April cattle futures jumped 1.35 to 145.47 cents/pound just before lunchtime Tuesday, while August leapt 1.10 to 134.35. Meanwhile, April feeder cattle surged 1.07 to 174.15 cents/pound, and August climbed 1.02 to 176.60.

Hog futures spiked once again. Diminished Monday cash and wholesale strength seemed to weigh on hog futures overnight, as did Russian talk that they will put restrictions on renewed U.S. pork imports. However, rumors of tightening supplies apparently sent futures soaring once again. April hogs rocketed up the 3.0-cent limit to 11.67 cents/pound in early Tuesday trading, which June later matched, rising to 115.75.

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