Front-month soybean and bean oil futures soared early Tuesday and finished higher as tight supplies in both soybeans and veg oils continue to drive values higher. Nearby corn futures relinquished early morning gains as new-crop December challenged the contract high, but broke to finish over 5 cents lower. Kansas City May wheat nearly matched the recent low.
Both the lean hog and feeder cattle contracts are feeling some resistance in their nearby contracts, but, for the most part, the livestock contracts are traded higher. The live cattle market is finding ample support as the cash cattle market’s momentum is helping excite traders.
Farm and Ranch Director Jesse Allen has the closing report: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=1406