Corn futures closed lower on Tuesday. Fund long-liquidation and profit-taking weighed on corn futures today. New-crop months were lower, but losses were limited by planting delays. As of Sunday the crop was 79% planted, well below the 92% at this time last year and the ten year average of 88%. More rain in the eastern Corn Belt and northern Plains this week will further delay planting in the problem areas. July ended 20 3/4 cents lower at $7.33 1/4 and December was 8 cents lower at $6.62 1/2.
Soybean futures traded mixed on Tuesday. The July contract was pressured by spillover weakness in corn. USDA reported soybean planting advanced to 41% complete as of Sunday compared to 51% last year and the ten-year average at 53%. More rain in the eastern Corn Belt and northern Plains this week will further delay planting. Deferred contracts were slightly higher on support from planting delay concerns and outside market support.
July closed 1 1/2 cents lower at $13.72 1/4 while November was 3 1/2 cents higher at $13.54 1/4.
Wheat futures were strongly lower on Tuesday. Technical selling and spillover pressure corn weighed on wheat futures today. Traders are pushing prices lower as they wait for early harvest reports from the southern Plains. Poor condition ratings and drought have previously helped support the market. But rainfall in some areas of the central Plains could still benefit the crop. CBOT July closed 23 1/4 cents lower at $7.79 3/4, KCBT July was 19 cents lower at $9.12 and MGE July ended 12 1/4 cents lower at $9.88 3/4.
Cattle futures closed mixed on Tuesday. The June contract was supported by its discount to the most recent cash market. Some cash cattle traded at $104 this morning versus the bulk of trade last week at $108. Strength in boxed beef prices was also supportive. Choice cutouts were $2.06 higher on Monday and they gained another $1.89 at midday. But deferreds were mixed with some pressure from the bearish Cattle on Feed report released last Friday and on spillover pressure from the lean hog pit. June closed 23 cents higher at $102.38 while August was 20 cents lower at $103.90.
Lean hog futures were strongly lower on Tuesday. Fund long liquidation and poor cash fundamentals weighed on prices again today. Pork cutout values were down $2.06 on Monday and cash prices in the Midwest are mostly $1-$2 lower this morning. Pork prices are sliding now that wholesalers have completed their pork purchases ahead of the Memorial weekend holiday. June closed $1.80 lower at $87.45 and July was $2.40 lower at $86.93.