Corn futures closed slightly higher on Tuesday. Light short-covering supported the market after futures fell to the lowest level in six weeks on Monday. Gains were limited by sluggish export demand and further weakness in the stock market today. December ended 1 1/4 cents higher at $5.99 and March was 3/4 of a cent higher at $6.05 3/4.
Soybean futures traded higher on Tuesday. The market was supported by a short-covering bounce after hitting the lowest level in 13 months on Monday. But gains were limited by further losses in the stock market and generally favorable crop weather so far in South America. January ended 5 cents higher at $11.53 and March was 4 3/4 cents higher at $11.62 3/4.
Wheat futures were mostly lower on Tuesday. The CBOT December contract was up slightly on short-covering and spillover from the bounce in corn. But deferred CBOT contracts and wheat trade at the other exchanges were lower, led by weakness at the MGE. Weakening spring wheat cash values weighed heavily on the futures market. CBOT December ended 2 1/2 cents higher at $5.94 while KCBT December was 6 cents lower at $6.61 and MGE December fell 36 1/4 cents lower at $8.60 1/4.
Cattle futures closed solidly higher on Tuesday. The market was supported by Positioning ahead of the Thanksgiving holiday and futures discount to last week’s cash trade. Beef prices continue to strengthen with choice cutouts gaining $1.26 on Monday and 52 cents at midday. Packer margins remain negative, but there has been some improvement recently. December ended $1.48 higher at $121.45 and February was $1.50 higher at $123.30.
Lean hog futures traded narrowly mixed on Thursday. Choppy, light volume trade was seen in the lean hog pit today as traders are gearing up for Thanksgiving. Pork cutouts were lower on Monday, but cash markets are mostly steady today. December closed 13 cents lower at $87.83 while February was 10 cents higher at $91.10.