Corn futures were sharply higher on Tuesday. While prices surged higher, there was little additional news to pin the rally on. It seems that with harvest winding down, speculators and end users see little reason to postpone their buying. December closed 15 1/4 cents higher at $3.57 3/4. March settled 13 cents higher at $3.71 1/2.

Soybean futures closed strongly higher on Tuesday. Commercial buying and spillover support from corn helped push prices higher. Soybeans continue to try to keep pace with corn to limit the loss of acreage next spring. January ended 13 3/4 cents higher at $6.71 1/4 and March was 15 1/4 cents higher at $6.84 1/2.



Wheat futures settled higher on Tuesday. The market rebounded from early weakness on strength from sharply higher corn prices. News that Japan is in the market for U.S. wheat provided some fundamental support. CBOT Dec was up 9 1/2 cents at $4.86 1/2. KCBT Dec was 10 1/4 cents higher at $5.18 3/4. MGE Dec was 5 cents higher at $4.99.



Cattle futures were mostly lower on Tuesday. Surging corn futures overshadowed other factors in the cattle market. The jump in corn prices rekindled concerns that cattle owners will rush cattle to market to limit losses from higher feed costs. December was up 10 points at $85.85. February was down 45 points at $88.40. November feeder cattle fell 65 points to close at $97.15.



Lean hog futures struggled to a mixed close on Tuesday after being solidly lower for most of the day. Weak cash prices continue to weigh on the futures market. Soaring corn prices continue to provide some support for deferred hog futures, but near term fundamentals remain bearish. December ended 45 cents higher at $61.68 and February lost 33 cents and closed at $64.68.