Soybeans, Corn and Livestock Advance Tuesday as Commodity Markets Reprice

Overview

• Soybeans rose 4 to 5.5 cents as bean oil rallied 102 to 129 points following Treasury guidance on the 45Z tax credit, while soymeal eased.
• Corn gained 2 to 3 cents, supported by NASS data showing a record December corn-for-ethanol use of 488.26 million bushels, with EIA output figures due Wednesday.
• Wheat finished mixed, with Chicago slightly higher, Kansas City flat to mixed, and Minneapolis lower, as forecasts showed light Plains precipitation.
• Live cattle climbed $2.10 to $2.40 and feeders added $1.57 to $2.05, with support from firmer boxed beef values and a USDA inventory showing a small year-over-year decline in the herd.
• Hog futures extended gains, closing up 80 cents to $1.55 as the national base price firmed to $86.37 and the pork cutout advanced to $97.37 per cwt.