US Grains Rebound, Livestock Rally as Fresh USDA Data Lifts Near-Term Demand

Overview

• Corn futures closed 2 to 3 cents higher on Tuesday and the national cash price edged up to $3.94 1/4 after NASS reported a record 488.26 million bushels of December corn used for ethanol.
• Soybeans gained 4 to 5 1/2 cents on Tuesday with bean oil leading the move, as USDA’s Fats & Oils report showed a 229.84 million bushel December crush that was larger year over year but below trade estimates.
• Wheat ended Tuesday mixed with slight winter wheat gains, while weekly export inspections registered 326,828 metric tons and prices eased again early Wednesday.
• Live cattle rose $2.10 to $2.40 on Tuesday and feeder cattle added up to $2.05, following USDA’s inventory count of 86.155 million head, down 0.37% from a year ago.
• Lean hogs extended gains with front months up 80 cents to $1.55 as the pork cutout improved to $97.37 per cwt and the national base price reached $86.37.