Corn futures closed higher on Tuesday. Futures prices managed to extend their gains throughout the session although lower than midday highs. Prices were pressured slightly after midday on as traders secured profits. Today’s prices surge was also supported by export sales of U.S. corn to Japan in the amount of 180,000 tonnes for 2013/14 delivery. September corn closed 5 1/4 cents higher at $8.08 while December corn closed 6 1/4 cents higher at $8.06.
Soybean futures closed higher on Tuesday. The Soybean complex is relentless bullish, posting record highs in both the soybean and soymeal markets today. November soybeans set a record of $17.49 while September soymeal traded a high of $554.40 during today’s session. Vigorous demand for soy products, especially by China, and continues to support market prices. Spot soybeans are also significantly higher posting a new record high of $17.94 3/4. September soybean closed 6 ½ cents higher at $17.71 3/4 while November soybeans closed 12 cents higher at $17.68 1/2.
Wheat futures closed mixed on Tuesday. Wheat futures closed randomly mixed across the three exchanges. Wheat prices followed corn and soybeans prices slightly lower on midday profit taking. Weekend rains helped to improve soil conditions as winter wheat planting approaches, pressuring prices at KCBT and CBOT. Also, the higher dollar index was unfavorable for the wheat market as it makes U.S. wheat less appealing (more expensive) to foreign buyers/investors. September wheat at CBOT closed down 4 cents at $8.67 ¼; at KCBT ½ cent higher at $8.82; and at MGE 3 cents lower at $9.19 ½.
Live cattle futures closed higher on Tuesday. Cattle futures closed higher today supported by last week’s strength in the cash market (up $2 to $3). Midday wholesale beef prices were surprisingly higher, up over $1 for both choice and select cuts. Cash trade remains quite although not unexpected due to the short week, but prices are expected to be steady to higher this week.
Lean hog futures closed mixed on Tuesday. Hog futures traded narrowly between $71 and $74 for the 2012 contracts. Prices were lower across the board at midday due to bearish fundamentals. Large pork supply and slaughter numbers continue to climb forcing cash prices lower and lower. However nearby contracts were able to muster enough strength to close the day slightly higher. But once again the over bearish sentiment of the market is expected to keep any upside movement in check.