Tuesday’s market closes were mostly lower except for cattle and old crop soybeans. Profit taking and technical selling spilled back into the corn and wheat market, but corn was also under pressure with a faster than expected planting pace and China and Brazil striking an agreement on corn exports. Soybeans were mixed with bull spreading once again indicating strong old crop demand and a higher day in soybean meal also provided strength.
After a strong technical close Monday, cattle saw follow through fund buying and help from a lower day in the corn market. However, some lower cash trade pulled nearby live cattle down into the close. Hogs had a Turnaround Tuesday profit taking day, amid a bearish Monthly Cold Storage Report.
