Good evening and welcome to Markets Desk, your close-of-day read on what moved markets and why.
Grain markets continued their push higher on Tuesday, with corn futures adding six to nearly nine cents across most contracts, lifting the national cash corn average to just under five dollars. The move extended an existing rally, with fresh deliveries against September contracts suggesting commercial players are actively engaging the tape rather than standing aside.
The wheat complex told a similar story, with Chicago soft red winter futures gaining as much as nearly ten cents on the day and Kansas City hard red winter contracts also closing higher. Traders are watching both markets closely as the September delivery window keeps pressure on short positions and supply concerns linger in the background.
Shifting to Washington, the House passed a short-term spending measure Tuesday that would keep the federal government funded through the midterm elections, clearing a critical deadline despite resistance from hard-line Republican members. For markets, the vote removes a near-term fiscal cliff that had the potential to rattle sentiment heading into a period already heavy with macro uncertainty.
That's the tape. Markets Desk, signing off the floor.
