Corn futures ended lower on Tuesday. The weakness was triggered by further long liquidation by the funds and higher private acreage estimates for corn. The losses pushed May futures below the February low, hitting the lowest level in two months. May futures closed 2 1/2 cents lower at $4.06 3/4 while new-crop December was down 2 cents at $4.00 3/4.



Soybean futures closed significantly lower on Tuesday. The late session sell-off was triggered by bearish old-crop fundamentals and uncertainty about acreage this spring. Old-crop soybeans stocks remain large and harvest progress of the record crop in South America is expanding. May ended 9 1/2 cents lower at $7.55 1/2 and November was 9 1/2 cents lower at $7.94 1/2.



Wheat futures closed lower on Tuesday. Favorable winter wheat crop conditions and weakness in the corn market weighed on the market. The wheat market seems to lack any real buying interest but tight old crop supplies continue to keep sellers cautious. CBOT May was 4 1/4 cents lower at $4.66 1/2. KCBT May was down 5 3/4 cents at $4.91 1/2 while MGE May fell 4 1/4 cents to close at $5.06 1/2.



Cattle futures were sharply lower on Tuesday. The market was pressured by profit-taking on the recent runup. Much of the selling pressure was attributed to general liquidation in the stock and commodity markets. Fundamentally, the market remains strong with boxed beef cutout values hitting the highest level since November of 2003. April fell 192 points to close at $100.10. June was down 102 points at $97.40. March feeder cattle closed 12 points lower at $105.65.



Lean hog futures were mostly higher on Tuesday, but nearby months ended lower. Prices reversed direction today as traders covered short positions and responded to strong cash prices and good packer margins. The April contract's premium to the cash settlement index weighed on the nearby. April ended 50 cents lower at $67.45 and June was 53 cents higher at $78.00.