By: NATHAN STUEDLE
GRAINS:
July corn closed up 6 1/4 cents and December corn was up 6 1/4 cents. July soybeans closed down 2 3/4 cents and November soybeans were up 1 1/4 cents. July KC wheat closed up 27 cents, July Chicago wheat was up 28 cents, July Minneapolis wheat was up 18 3/4 cents.
Wheat futures once again led row-crop markets in gains for Tuesday, after USDA noted worsening conditions for the 2026 U.S. crop and traders begin to price in production risks around the globe with energy prices continuing to work higher and little news regarding negotiations between the U.S. and Iran to reopen the Strait of Hormuz to energy trade. Soybean futures traded lower following Monday's jump to chart resistance and traders are uncertain on soybean price bets (in either direction) with many unknowns still facing the market for 2026 and 2027.
LIVESTOCK:
The live cattle complex traded in an unwavering, upward manner Tuesday and as the noon hour came and went the same bullish attitude remained. More than anything it appears traders have more than enough technical support flooding the complex and there's speculation fed cash cattle prices may even trade higher later this week. It's odd to see it this early in the week, but some bids have already surfaced in the countryside; but no cattle have traded yet. Asking prices remain quite elusive at this point.
With the help of the live cattle market's bullish attitude, the feeder cattle complex remained bold heading into Tuesday's close, as most of the contracts were $3.00 to $4.00 higher. The market originally was mixed to mostly lower at the day's start, but upon seeing the live cattle contracts so bullish, the feeder cattle market changed its tune and began to trade higher as well.
The lean hog complex traded lower into Tuesday's closing bell, as the market yearns to trade higher. But until traders see enough fundamental support arise in the marketplace, a mixed tone will likely remain. It is helpful to note that midday pork cutout values were a tick higher. It would be supportive if that trend were to continue through the day's close and into Wednesday.