Corn futures settled lower on Tuesday. After five consecutively higher closes and a new contract high Monday, prices were due for a setback. Long liquidation by the funds pressured prices today and represents the largest near-term threat to prices. December closed 2 3/4 cents lower at $3.68 3/4. March futures settled 3 1/2 cents lower at $3.84 3/4.



Soybean futures closed lower on Tuesday. Futures took a breather today after 6 straight days of gains and after hitting new contract highs in the January contract yesterday. Generally favorable planting and early season growing conditions in South America also provided some pressure. January closed 1 3/4 cents lower at $6.86 1/4 and March was 2 1/2 lower at $6.99 1/2.



Wheat futures ended mostly lower on Tuesday. Weakness was attributable to light speculative long liquidation ahead of first notice day. The reversal from early highs on Monday contributed to technical selling pressure. Light snow developing in the Plains ahead of much colder weather helped offset some of the support from the declining crop conditions. CBOT Mar ended 6 cents lower at $5.08, KCBT Mar was 1/2 cent lower at $5.36, and MGE Mar was 1 3/4 cents higher at $5.18 3/4.



Cattle futures were mostly lower on Tuesday, extending the setback from Wednesday's highs. Expectations for cash prices to trade weak to a dollar lower are weighing on the futures market. Packer margins are in the red and boxed beef values have failed to show any post Thanksgiving strength. December was down 25 points at $86.37. February was 15 points lower at $89.47. January feeder cattle climbed 95 points to close at $98.57.



Lean hog futures closed sharply lower on Tuesday. Ideas that the cash market is topping weighed on futures with weak technical action helping to extend losses. There is concern that pork product prices will decline as slaughter remains high and demand slows ahead of the holidays. December fell $1.28 to $61.18 and February ended $1.23 lower at $64.53. April closed 83 cents lower at $67.55.