Corn futures closed higher on Tuesday. The short-covering bounce was attributed to slow corn planting progress and forecasts calling for a return to rain and cooler temperatures in much of the Corn Belt early next week. Corn was only 5% planted as of Sunday, down from the 5-year average of 14%. Outside markets pressured prices yesterday, but the stock market was able to turn higher today. May closed 4 1/2 cents higher at $3.74 and December ended 4 3/4 cents higher at $4.03 1/2.



Soybean futures posted strong gains on Tuesday. Strong export demand and reports of lower than expected soybean yields in South America provided fundamental support. USDA reported a 180,000 tonne sale of U.S. soybean exports to China today. New-crop gains were also driven by short-covering and fund buying following recent losses. May ended 19 1/2 cents higher at $10.38 and November was 28 cents higher at $9.31.



Wheat futures were higher on Tuesday. Short-covering and spillover strength from soybeans helped push wheat futures higher. Fundamental support came from the slow spring wheat planting progress. Spring wheat is only 6% seeded, down from the 5-year average of 21%. Concern about winter wheat production prospects following the recent freeze is an underlying supportive factor. CBOT May closed 5 cents higher at $5.09 1/2, KCBT May ended 3 1/2 cents higher at $5.62 1/2 and MGE May was 7 1/2 cents higher at $6.33 1/2.



Cattle futures closed higher on Tuesday. The market rebounded today after the sharp sell-off on Monday. Rising beef prices, expectations for firm cash cattle trade this week and the recovery rally in the stock market helped push cattle futures higher. Boxed beef prices were up strongly again at midday, with choice cutouts up $1.49 and select cuts up $1.12. June ended 65 cents higher at $83.28 and August closed 35 cents higher at $83.55.



Lean hog futures settled slightly higher on Tuesday. The market was able to bounce back from recent losses. Fundamental support came from steady to higher cash markets. Expectations for seasonal improvement in pork demand and tightening supplies of market ready hogs remain bullish underlying market factors. June closed 10 cents higher at $72.40 and July ended 18 cents higher at $73.75.