Grains lose momentum before closing bell
Corn futures closed slightly above unchanged on Tuesday. Corn futures traded fairly choppy on light volume going into midsession and shortly before closing bell. Futures moved higher during the overnight session on bargain buying and were sustained by technical recovery. Crop progress continues to move forward with 79 percent of the corn harvest complete. December corn futures closed 1 cent higher.
Soybean futures closed mixed on Tuesday. The soybean market eased on pressure from tumbling soymeal prices. Contracts posted moderate gains overnight and throughout the day session on bargain buying and export demand optimism. However the market was underpinned by USDA’s announcement of export sales in the amount of 110,150 tonnes of soybeans to an unknown destination for the current marketing year. November soybeans closed down ½ of a cent.
Wheat futures close randomly mixed on Tuesday. Chicago wheat closed under pressure on export demand worries, which caused traders to liquidate their long positions in the market. Prices traded sporadically on both sides of the market searching for direction. Price at KCBT and MGE closed higher supported by the downturn in the dollar index. December wheat at CBOT closed ¾ of a cent lower, KCBT closed 1 ½ cents higher, and MGE closed 3 ½ cents higher.
Live cattle futures closed strong on Tuesday. Cattle futures were able to maintain trading vigor on sharp gains in the wholesale beef market. Firm increases in wholesale beef prices on Monday boosted cattle futures at the opening of pit trade. Midday wholesale beef prices added additional support, averaging over $1 for both choice and select cuts. Packer margins remain in the red but are showing signs of improvement. Traders remain optimistic concerning this week’s cash trade, with preliminary prices steady to higher versus the previous week. October cattle futures closed $1.40 cents higher while December futures closed 70 cents higher.
Lean hog futures closed mixed on Tuesday. Hog futures traded sporadic today as traders searched for market direction. The nearby contract posted slight gains after trading both sides of unchanged. Initially Deferred contracts are being supported by higher grain prices, but slipped as buying interest in the complex eased. Cash price were steady to higher with support from a higher pork carcass value and favorable packer margins. December hog futures closed 5 cents higher while February futures closed 15 cents lower. Deferred contracts closed randomly mixed.
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