Welcome to Markets Desk, here's where things stand heading into the close.
The wheat complex turned sharply higher by end of session Tuesday, with Minneapolis spring wheat leading the charge, up eleven cents or more in the front months. Kansas City hard red winter followed close behind, gaining nine to ten and a half cents, while Chicago soft red winter added four to five cents. A broad-based rally across all three markets after early weakness.
Corn held onto gains through the close as well, with front-month contracts finishing up two to three and a quarter cents. The national average cash corn price settled at four dollars and twenty-one cents, up three and a quarter on the day. Weekly crop progress data showed fifty-nine percent of the domestic corn crop silking as of July nineteenth, keeping fundamentals in focus for traders.
Soybeans moved in the opposite direction, posting losses of three to six and a half cents in what traders are calling a turnaround Tuesday session. The national average cash bean price slipped a nickel to eleven dollars and eighty-four cents. The split within the complex was notable, with soymeal firming two eighty to three dollars higher while soy oil shed forty-five to fifty points.
That's the tape. Markets Desk, signing off the floor.
