Closing Market Report- 8/10/21- Soybeans and Wheat Showed Good Strength on Tuesday


The unexpected improvement in corn crop rating and better rain chances sent corn futures lower early on Tuesday before recovering. Wheat has resumed strength on rising world wheat values and ideas of falling production. Soybeans got a boost from more new sales for the fourth consecutive day.

Mixed trade developed Tuesday as follow-through pressure in lean hog futures left traders concerned of further weakness, while live cattle futures etched out firm late day gains based on continued strength in boxed beef values. The direction of meat prices in both hog and beef markets over the coming days and weeks will continue to be the focus of most traders.

Farm Broadcaster Jessica Benson has our closing report: