Corn futures were strongly higher on Tuesday. It appeared that corn futures might consolidate ahead of USDA's crop production report on Thursday. Instead, prices surged higher on little fresh news. Most months set new contract highs except for December which managed a new high close. December closed 7 1/2 cents higher at $3.51. March settled 8 1/4 cents higher at $3.66 3/4.

Soybean futures rallied on Tuesday on spillover strength from corn. Despite generally bearish fundamentals, soybeans need to keep pace with corn to prevent losing too many acres next spring. Traders are expecting USDA to raise their production number on Thursday. November ended 5 1/2 cents higher at $6.54 3/4 and January was 4 1/2 cents higher at $6.67 1/4.



Wheat futures closed mixed on Tuesday in a surprisingly quiet trading session. Spillover support from higher corn futures underpinned the market. However, concerns about the slow export pace limited buying interest. CBOT Dec was down 1 cent at $4.97. KCBT Dec was 3/4 of a cent lower at $5.25 3/4. MGE Dec was unchanged at $5.09 3/4.



Cattle futures ended mixed on Tuesday. Early gains were trimmed after corn prices turned higher. However, anticipation of a supportive Cattle on Feed report and a better tone in the cash market next week should spark a moderate recovery rally from current levels. December fell 25 points to close at $85.30. February was 7 points higher at $88.92. November feeder cattle fell 72 points to $99.62.



Lean hog futures closed mixed on Tuesday. Spread activity kept the market choppy today although the December contract moved slightly higher at the close. Cash fundamentals are generally bearish and cash markets were mostly lower today. Rising corn prices provide support to the deeper deferred contracts. December ended 10 cents higher at $64.63 and February was 18 cents lower at $67.60.