Corn futures were lower on Tuesday. The market was pressured by outside markets and profit-taking after hitting the highest level in four-months on Monday. Renewed concern about the euro-zone debt crisis and signs of slower economic growth in China supported the dollar index and weighed on the stock market and crude oil. May closed 8 1/4 cents lower at $6.58 and December was 7 3/4 cents lower at $5.63 1/2.
Soybean futures turned higher again on Tuesday. Futures were lower on the open on pressure from strength in the dollar index and weakness in the stock market and crude oil futures. But the market shrugged off outside market pressure to rally to near five-month highs. The smaller South American soybean crop projections and strong export demand for U.S. soybeans remain supportive factors. May ended 10 1/4 cents higher at $13.35 1/4 and November was 4 1/4 cents higher at $12.93 1/4.
Wheat futures closed solidly lower on Tuesday. Strength in the dollar index and weakness in the stock market led to a sell-off in most commodities. Continued concern over the euro-zone debt crisis and signs that China’s economy is slowing pressured outside markets. World wheat supply and demand fundamentals remain bearish. CBOT May ended 14 1/4 cents lower at $6.57 3/4, KCBT May was 18 cents lower at $6.98 and MGE May fell 16 cents to close at $8.18 3/4.
Cattle futures were sharply lower on Tuesday. Follow-through selling and long liquidation weighed on the market this morning and losses were extended ahead of the close on cash market news. Cash trade was reported at $127 in Texas and Kansas, down $3 from last week. Concern that high beef prices will hurt demand was also a bearish concern. Strength in the dollar index and weakness in the stock market contributed to selloff. April closed $2.63 lower at $125.78 and June was $2.05 lower at $123.85.
Lean hog futures traded strongly lower on Tuesday. The weak tone in the cash market and pork cutout values along with outside market pressure weighed on the market. Packer margins remain poor and plants have most slaughter needs covered for the week. The market is looking for seasonal improvement in pork demand, but so far it has been soft. Strength in the dollar index and weakness in the stock market contributed to weakness in commodity markets. April closed $2.65 lower at $86.78 and June was $2.58 lower at $95.93.