Corn futures closed lower on Tuesday. Profit-taking from the strong gains posted Monday weighed on futures. The weak tone in crude oil prices and strength in the dollar were also bearish factors. Further losses were limited by uncertainty about the corn crop in Argentina as dry weather is hurting production prospects. March ended 1 1/4 cents lower at $5.87 1/4 and May was 2 cents lower at $5.95.
Soybean futures traded lower on Tuesday. The market was pressured by profit-taking from the gains yesterday and by the dollar turning higher. Spillover weakness from wheat also pushed prices lower. Losses were limited by concern about more dry weather in Argentina that is hampering crop prospects. January ended 6 1/2 cents lower at $12.96 and March closed 6 cents lower at $13.06.
Wheat futures were strongly lower on Tuesday. Profit-taking from the rally on Monday pressured futures. Losses were extended sluggish export demand and technical selling. Further losses were limited by dry weather concerns in the western Plains and wet weather in eastern Australia. CBOT March ended 17 cents lower at $7.63 1/4, KCBT Dec closed 20 1/4 cents lower at $8.15 and MGE March fell 27 1/2 cents to close at $8.43 1/2.
Cattle futures closed lower on Tuesday. Profit-taking from the rally on Monday, strength in the dollar and the lack of fund buying weighed on futures. Boxed beef prices were higher on Monday and again at midday, which helped limit losses. Strength in the stock market is also seen as bullish as an improved economy helps beef demand. February ended 43 cents lower at $104.53 and April was 35 cents lower at $107.75.
Lean hog futures traded mostly lower on Tuesday. Weakness in the cash market and a correction from the strong gains on Monday weighed on front end futures. The dollar turning higher was also a bearish factor. Cash hog prices are expected to be soft through the holidays as packers have reduced slaughter schedules. February closed 20 cents lower at $76.13 while April closed unchanged at $80.05.