By: NATHAN STUEDLE
GRAINS:
July corn closed up 3/4 cents and December corn was down 3/4 cents. July soybeans closed down 2 cents and November soybeans were down 3 1/2 cents. July KC wheat closed up 1 cents, July Chicago wheat was up 2 cents, July Minneapolis wheat was down 2 cents.
Corn and wheat markets continued to see marginal relief from the late May/early June price rout Tuesday, with July boards moving higher for a second straight session but also pressured well off of daily highs as bullish confidence remains shaken. Soybean futures were again unable to sustain a move higher on positive influence from the soybean oil market, falling for an eighth consecutive session. In outside markets, crude oil futures fell moderately following comments from U.S. Energy Secretary Wright that commercial traffic through the Strait of Hormuz is "rising and will continue to rise." President Trump also said on Monday that a deal with Iran was only a few days away, despite the weekend's flare up in tension between Iran and Israel and reports Tuesday that Iran shot down a U.S. helicopter near the Strait of Hormuz. Equity markets broke away from war-related influence on Tuesday to trade lower in a tech-driven selloff.
LIVESTOCK:
The live cattle complex traded mildly higher into Tuesday's close as the market simply feels it has more upward mobility following Monday's decline, which pulled the contracts away from resistance at its 40-day moving average. A single bid is currently on the table in Nebraska at $403, but no cattle have traded yet. Asking prices are noted at $258 to $260 in Texas, but otherwise remain elusive.
The feeder cattle complex traded mildly higher into Tuesday's closing bell as well as the market continues to mirror the direction of the live cattle market. As long as the live cattle complex keeps with its higher trend through Tuesday's close the feeder cattle complex will likely do the same.
In keeping with its recent trend, the lean hog complex continued to slide lower. Sinking to its lowest point since last November in the spot July contract, the lean hog complex continues to suffer as traders need stronger fundamental support.