Corn futures were lower on Tuesday. The market gapped lower and are at the lowest level is 6 1/2 weeks. The funds were sellers, but not aggressively. It looks like only light fund selling was required to move prices lower given the light volume of trade. May ended 4 1/4 cents lower at 2.04 1/2.



Soybean futures closed higher on the day. Fund selling initially pressured prices, but once that waned the market bounced. Some of the gains were attributed to short-covering ahead of the USDA reports due out on Friday. May ended 2 1/2 cents higher at $6.17 1/2.



Wheat futures drifted to a lower close Tuesday with favorable crop conditions ratings and forecasts for rain in the Plains weighing on the market. CBOT May was 5 1/4 cents lower at $3.11 1/4. KCBT May was down 2 1/2 cents at $3.22 1/2. MGE May fell 1 3/4 cents to close at $3.31 1/4.



Cattle futures closed higher on Tuesday. The market struggled through most of the session but staged a late rally to finish higher with the discount to the cash market lending support. April was 17 points higher to close at $88.95. June climbed 35 points to close at $84.47.



Lean hog futures closed sharply lower on Tuesday with losses of more than $1 in most months. Lower cutout values coupled with mixed cash prices are keeping traders in a conservative frame of mind. May dropped $1.70 and closed at $76.23 and June fell $1.63 to end at $78.23.