Corn futures ended strongly lower on Tuesday. The market was pressured by the sharp decline in equities and crude oil while the dollar index was higher. Losses were extended by spillover weakness from soybeans. Rain in Argentina has helped alleviate drought concerns, although rainfall was too late for most of the corn crop. March closed 14 cents lower at $3.49 1/4 and May was 14 1/4 cents lower at $3.59.



Soybean futures traded sharply lower on Tuesday. Recent rainfall that has alleviated drought concerns in Argentina and forecasts for more rain later this week was bearish. Losses were extended by pressure from outside financial markets. Equities were trading sharply lower as was the stock market while the dollar index was up strongly. March ended 52 1/2 cents lower at $9.03 and May was 53 1/4 cents lower at $9.04 1/2.



Wheat futures ended lower on Tuesday. The market was pulled lower by the sharp decline in soybeans and corn as well as the outside financial markets. The dollar index was sharply higher, which is bearish for exports. Weekly export shipments reported this morning were well below trade estimates at only 10.5 million bushels. CBOT March closed 20 cents lower at $5.15 1/2, KCBT March was 22 1/4 cents lower at $5.52 1/4 and MGE March ended 15 1/2 cents lower at $6.20 1/2.



Cattle futures closed sharply lower on Tuesday. The sharp break in the stock market and disappointing cash trade late last week weighed on futures. Cash cattle traded at $83 late last week in the southern Plains compared to expectations for $1-$2 higher trade. There is growing concern about the economy and how beef demand will be reduced. April ended $2.78 lower at $84.23 and June was $2.55 lower at $82.25.



Lean hog futures closed sharply lower on Tuesday, pulled down by the falling stock market and lower corn prices. Speculators continue to be reluctant to risk money in commodity markets and that is keeping pressure on futures prices. April ended $2.70 lower to close at $61.05. June was down $2.40 at $74.55.