Corn futures closed steady to slightly lower on Tuesday. After trading higher overnight, corn futures turned lower amid outside market weakness. A canceled meeting by finance chiefs in Europe over the euro zone debt crisis sent the stock market lower and the dollar index higher. However, losses were limited by strength in crude oil. Despite strong harvest progress, farmer selling remains light. USDA estimated the crop at 65% harvested last week, up 10% from the ten-year average. December was 1/4 of a cent lower at $6.50 3/4 and March ended unchanged at $6.62 1/4.
Soybean futures traded lower on Tuesday. The market was pressured by weakness in the stock market and strength in the dollar index as optimism faded that European leaders would come up with a plan to deal with the euro zone debt crisis. The outlook for a record soybean crop in Brazil in 2012 was an underlying bearish factor. Further losses were limited by strength in crude oil futures. USDA estimated harvest at 80% complete last week, up 5% from the ten-year average. November closed 1 1/4 cents lower at 412.25 1/2 and January was 1 1/2 cents lower at $12.33 3/4.
Wheat futures closed mostly lower on Tuesday. Weakness in the dollar weighed on futures as a more expensive dollar will make U.S. wheat more expensive to foreign buyers. The bearish global supply/demand outlook remains an underlying bearish factor. Winter wheat planting improved to 82% complete as of Sunday, only 2 points behind the ten-year average. Most states are close to the normal planting pace. The first crop rating of the season put winter wheat at 47% good to excellent. The rating is in line with a year ago, but below the long-term average. CBOT December ended 6 1/4 cents lower at $6.36 1/4, KCBT December was 1 1/2 cents lower at $7.33 1/2 and MGE December closed 3/4 of a cent lower at $9.16 1/2.
Cattle futures traded lower on Tuesday. Concern about beef demand and outside market pressure weighed on the futures market. Poor packer margins could weigh on the cash market this week, although tight supplies of market ready cattle should help limit losses. A canceled meeting by finance chiefs in Europe on working on the euro zone debt crisis sent the stock market lower and the dollar index higher, both bearish factors for commodities. October closed 85 cents lower at $122.10 and December was 90 cents lower at $121.98.
Lean hog futures closed lower on Tuesday. The steady to lower tone in the cash market and outside markets weighed on futures trade. Despite an increase in pork supplies, pork cutout values have held up quite well. But traders are concerned about prices turning lower soon as supplies are to remain high. Strength in the dollar index and weakness in the stock market helped extend losses. December ended 98 cents lower at $87.85 and February was $1.03 lower at $91.15.