Tuesday was another disappointing day for the cattle contracts but served the lean hog sector well.
After two-sided overnight trade following Monday's ag commodity plunge, soybeans and meal reacted with renewed strength after another announcement of new bean sales to China and unknown. Another combined 21 million bushels (mb) were announced as sold. However, those gains dissipated by noon, with soybeans closing almost 3 cents lower. Wheat rose on growing concern over Ukraine and Russian dryness as winter wheat planting has faced an ongoing drought situation.
The cotton market closed out Tuesday on a slightly positive note, and the ruckus in the financial makers was toned down.
Tuesday is shaping up to be another downward-pressuring day for the cattle contracts as traders look to the lean hog market as see more short-term potential.
Corn is narrowly mixed, soybeans are 1 to 3 cents higher, and wheat is 5 to 9 cents higher.
USDA Daily Market Rates 09/22 06:47 DAILY MARKET RATES(GRAIN/MISCELLANEOUS COMMODITIES)
The report-filled week consisting of the release of Cold Storage Report, Quarterly Hogs and Pigs Report, and Cattle on Feed Report will likely keep traders focusing on market fundamentals through the rest of the week.