OMAHA (DTN) -- As we near the close, December corn is down 3 1/4 cents, November soybeans are down 3 cents and December Chicago wheat is down 1 1/2 cents. Grains have survived Tuesday's earlier attempts at selling and are showing a little firmness at the end of the session. Among soy products, December soybean meal is down $3.60 while December bean oil is up $0.27, bouncing back from a new three-week low on Monday. Outside commodities are mixed -- December gold is up $0.40, but November crude oil is down 58 cents, falling back from an attempt at a new three-month high.
P[L1] D[0x0] M[300x250] OOP[F] ADUNIT T
More Recommended for You
Recommended for You
Posted 09:48 -- December corn is down 3 1/4 cents, November soybeans are down 6 1/4 cents and December Chicago wheat is down 4 cents. Corn and wheat gave back early gains shortly after 8:30 a.m. and, in the case of corn, absorbed periodic spurts of significant selling volume, spaced 10 to 15 minutes apart in what looks like a planned effort to dump contracts. Soybeans are threatening a third day of lower prices with commercial selling evident in December soybean meal, now trading down $3.70. The December U.S. dollar index is down 0.14 on day one of the Federal Reserve's two day meeting.
Posted 08:37 -- After the 8:30 open, December corn is up 1 1/4 cents, November soybeans are down 3 1/2 cents, and December Chicago wheat is up 2 cents. Soybeans are starting lower after USDA had no soybean sale announcement Tuesday for the first time in seven sessions. Also, December palm oil ended 1.3% lower overnight, the fourth consecutive lower close since last week's new three-month high was hit for spot prices. Corn and wheat showing a little early support after Monday's lower prices. USDA said late Monday only 34% of the corn crop was considered mature, 13 points behind its usual pace, but so far, the forecast expects warm temperatures to continue.Livestock
Posted 12:06 -- Trade has remained sluggish across the entire livestock market with very little directional shifts seen during midday trade. Strong gains continue to hold across lean hog markets with December futures leading the upward market shift with a $1.50 per cwt gain. Cattle trade remains mixed as moderate buying continues to return to the market in feeder cattle, while live cattle futures are mixed in a very narrow range.
Posted 10:47 -- Light additional pressure is seen in the live cattle markets Tuesday morning with the overall lack of direction seen across the entire live cattle market complex. But losses have been unable to gain significant footing as prices are holding steady to 20 cents per cwt lower due to the subdued trade activity across the complex. Firm gains remain rooted in feeder cattle and lean hog futures, although the overall tone of the market remains only slightly bullish Tuesday morning. Trade is expected to remain extremely light through the rest of the morning with traders looking for additional direction from outside markets.
Posted 09:52 -- Firm gains continue to be seen in the feeder cattle and lean hog complex early Tuesday morning with activity in lean hog futures leading the market higher. December lean hog futures contracts are currently leading the market higher with a $1 per cwt rally while the rest of the market remains focused on additional underlying support. Feeder cattle futures are 20 to 40 cents per cwt higher, although trade volume remain sluggish. Live cattle futures have given back the narrow early gains, which developed Tuesday morning. This is keeping live cattle markets hovering in a range from 20 cents lower to 15 cents higher as traders look for longer-term direction.
© Copyright 2017 DTN/The Progressive Farmer. All rights reserved.