Corn futures ended solidly higher on Tuesday. The Supply/Demand report released this morning was bullish. USDA trimmed ending stocks by 100 million bushels for the current marketing year to 1.6 billion and for the next marketing year USDA has ending stocks declining to 1.145 billion bushels. Slow corn planting progress, firm crude oil prices and a weaker dollar were also supportive factors. July closed 6 1/4 cents higher at $4.27 1/2 and December ended 7 3/4 cents higher at $4.48.

Soybean futures settled mixed on Tuesday. Profit-taking weighed on most contracts despite USDA's tight ending stock projections. The market had been looking for USDA to lower their old-crop ending stocks projection and they did to 130 million bushels from 165 million last month. For the next marketing year, stocks are only expected to increase to 230 million bushels. July ended 1 1/2 cents higher at $11.17 1/2 and November was 3 1/2 cents lower at $9.79 1/2.



Wheat futures closed higher on Tuesday. A late short-covering rally pushed prices higher after being pressured most of the day by USDA's projection for a 9% jump in global wheat stocks next year. Fundamental support came from the winter wheat production estimate of 1.502 billion bushels, down 25 million from trade expectations. USDA estimated 2008/09 ending stocks at 669 million bushels, down 27 million from last month. For 2009/10, the ending stocks projection of 637 million bushels was right on pre-report trade estimates. CBOT July ended 2 cents higher at $5.92 3/4, KCBT July was 4 cents higher at $6.38 and MGE July was 7 1/4 cents higher at $7.04 3/4.



Cattle futures were mixed on Tuesday. Profit-taking weighed on front-end contracts after a firm open. Traders are expecting cash trade to be up $1-$2 this week compared to the $84 last week. Firming beef prices helped push deferreds higher. Choice cutouts were up $1.06 at midday and select cuts were $1.03 higher. June ended 8 cents lower at $83.20 and August was 33 cents lower at $83.58.



Lean hog futures closed higher on Tuesday. Gains in the cash market and improved packer demand supported the futures market. Buy stops were triggered in the June contract, which helped extend the gains. Concerns over the H1N1 flu continue to subside and restrictions on U.S. pork exports are expected to be short-lived. June closed $1.15 higher at $68.93 and October was 98 cents higher at $66.70.