Corn futures closed mixed on Tuesday. Old-crop contracts turned higher today while new-crop months ended lower on profit-taking from recent gains. Some support for new-crop came from reports that the EPA is not planning to change the biofuel mandate. New-crop was lower despite planting delays and more wet weather in the southern and eastern Corn Belt. Planting as of Sunday was only 9% complete, down from the five-year average of 23% and the 46% planted at this time last year. May ended 3 3/4 cents higher at $7.66 1/4 while December was 5 3/4 cents lower at $6.75 3/4.
Soybean futures traded lower on Tuesday. The market was pressured by concerns that China will raise its interest rates in an effort to slow inflation. China has already cancelled some export shipments from the U.S. and global demand is shifting to the newly harvested South American crop. New-crop soybeans were lower on ideas that corn planting delays could lead to additional soybean acres. May fell 6 3/4 cents to $13.82 3/4 and November was 7 3/4 cents lower at $13.74 3/4.
Wheat futures closed lower on Tuesday. Profit-taking from the strong gains yesterday weighed on the wheat exchanges. However, fundamentals news for the KCBT and MGE remains bullish. Drought continues to deteriorate the winter wheat crop conditions. Good to excellent rated wheat fell to 35% last week from 36% the previous week and very poor to poor ratings increased to 40% of the crop versus 38% the previous week. Cool and wet weather in the northern Plains continues to slow spring wheat planting progress. Only 6% of the crop is seeded compared to the five-year average of 25% and 39% at this time last year. CBOT May was 14 3/4 cents lower at $8.11 1/4, KCBT May ended 10 1/2 cents lower at $9.50 1/4 and MGE May closed 7 1/4 cents lower at $9.73 1/2.
Cattle futures closed mixed on Tuesday. The June contract was pressured by concern that high gasoline prices may hurt domestic beef demand. Cash trade was reported on Monday at $117 in Texas, down $2 from last week. However, deferreds were steady to mixed on some short-covering from the strong losses on Monday. June ended 50 cents lower at $112.30 and August was unchanged at $114.45.
Lean hog futures were sharply lower on Tuesday. The market was pressured by fund selling and concern about lower pork prices. Pork prices were lower on Monday and there is concern that near record high cutout values and high gasoline prices will hurt domestic demand. June closed $1.43 lower at $97.10 and July was $1.43 lower at $97.83.