Grains are steady to lower early Tuesday, trading in narrow ranges after Monday’s big advances with hot temperatures and dry weather stressing crops and livestock throughout the Midwest. Monday’s USDA Crop Progress report showed declining crop conditions for corn and soybeans, harvest progress for spring wheat.
Hog contracts should begin moderately lower, pressured by profit-taking and sliding carcass value. The cattle complex is staged to start with mixed prices with long liquidation pressuring live contracts and short-covering supporting the feeder pit.
To hear more on how Tuesday’s markets are opening up click below to hear from KMZU’s Mandy Young and K.C. Trade Group’s Harold House: