Dry weather pushes wheat higher at close on Tuesday

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Corn futures closed higher on Tuesday. Corn futures continued to climb along with higher wheat and soybean values. Dry, warm weather conditions are expected throughout the US Midwest this week. Dryer weather will allow producers to complete planting, but could pose a crop threat if persists beyond the next 10 days to two weeks. July is 14 1/4 cents higher at $5.97 1/4 and December is 9 cents higher at $5.14 1/4.

Soybean futures closed higher on Tuesday. Soybean futures were supported by steady gains in the soybean meal and soybean oil markets. Concerns about crop loss in Argentina, the world’s biggest exporter in soybean meal continue to push prices upward. Overall, fundamentals of the market remain bullish. The July contract is up 26 cents at $14.13, and the November contract is up 10 1/4 cents at $13.05.

Wheat futures closed higher on Tuesday. Wheat prices traded higher as dryer weather is expected in the US Midwest, potentially damaging the emerging winter wheat crop. Wheat is currently cheaper than corn in the cash market, thus adding additional support to prices. A steady US dollar and above average global wheat supplies remain bearish factors for the market. CBOT July is 10 1/4 cents higher at $6.08 1/2; KCBT July is 13 cents higher at $6.27 1/2; and MGE July is 24 3/4 cents higher at $7.50 1/2.

Cattle futures closed higher on Tuesday. Rebounding beef demand and rising beef cutout values added strength to cattle futures. Choice was down slightly at $191.01 and select was up 83 cents at $186.53. Movement in the cash cattle market remained quiet today. However, cash cattle trade is expected to be steady at $122 to $123 in the South and $195 or higher in the North. June cattle futures are 46 cents higher at $116.42 and August is 40 cents higher at $118.72.

Lean hog futures closed higher on Tuesday. Hogs futures traded up as demand for pork products remains strong. Pork cutout values are expected to remain steady, which will add additional strength to prices. Packer margins remain favorable as trade in the cash markets are up $1. The June contract is up $1.17 cents at $86.40, and July is $1.83 cents higher at $87.40.



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