Corn
futures were solidly lower on Tuesday. Strength in the dollar and weakness in
crude oil and equities pressured futures trade. In addition, favorable weather this
week should benefit the tail end of planting and crop condition ratings. USDA
pegged crop condition ratings at 71% good to excellent, up 4% from the previous
week. July closed 6 3/4 cents lower at $3.64 1/4 and December ended 6 1/4 cents
lower at $3.82 3/4.

 

Soybean
futures closed lower on Tuesday, falling to two-month lows. Outside market
pressure and favorable crop weather for planting and early season growth weighed
on futures. Strength in the dollar and weakness in crude oil and equities pressured
the commodity markets. July ended 10 cents lower at $9.30 1/2 and November was
12 1/2 cents lower at $9.03.  

 

Wheat
futures traded lower on Tuesday. Strength in the dollar and weakness in
equities pressured wheat trade. Supply and demand fundamentals remain bearish
as well. Winter and spring wheat condition ratings are well above average.
Export demand has been sluggish and global wheat supplies remain abundant. CBOT
July closed 7 cents lower at $4.60 1/2, KCBT July was 7 cents lower at $4.83 1/2
and MGE July ended 6 3/4 cents lower at $5.03 1/4.  

 

Cattle
futures were strongly lower on Tuesday with the June and August contracts posted
three month lows. The strong losses in the stock market and strength in the
dollar weighed on futures. Recent weakness in the cash market was also a
bearish factor. Packer bids are around $93 so far this week compared to the
$95-$97 trade last week. June closed $1.10 lower at $90.03 and August was $1.13
lower at $89.08.

 

Lean hog futures closed
lower on Tuesday. Sharp losses in the stock market and strength in the dollar weighed
on futures. Pork prices were unchanged on Monday, but the losses last week
indicate that pork cutout values have topped. Short-covering and the bullish monthly
Cold Storage report that showed pork stocks at a six-year low helped limit
losses. June was 73 cents lower at $81.15 and August was 63 cents lower at
$82.03.