Planting conditions are still weighing on corn futures. U.S. corn plantings reportedly were 19% complete on Sunday, which matched industry expectations. However, forecasts for extended dryness and surging short-term progress appears to be weighing on prices, since the industry expects plantings to zoom ahead this week. However, prices bounced around midsession, which may have reflected improved country bids. May corn futures edged up 0.25 cent to $3.61/bushel late Tuesday morning, while December skidded 0.75 to $3.825.
Boxed beef saw a jump on Tuesday across the board. Choice boxed beef jumped $1.40 to hit $258.13 on Tuesday, bringing the 27-day average price to $256.25. Select boxed beef also rose on Tuesday to $248.04 from $247.41 on Monday.