Corn futures were strongly lower on Tuesday, hitting new contract lows. Drier weather in the Corn Belt and moderate temperatures should help crop conditions this week after declining last week. Forecasts show generally favorable weather over the next couple of weeks, when much of the crop will be pollinating. July ended 8 3/4 cents lower at $3.25 and December was 8 3/4 cents lower at $3.44.
Soybean futures closed lower on Tuesday after a choppy trading session. Favorable crop weather forecasts, spillover pressure from corn and wheat and outside markets weighed on futures. Wet weather lowered soybean condition ratings last week and delayed some of the last leg of planting, but drier Midwest weather this week and moderate temperatures should help conditions improve. July ended 7 3/4 cents lower at $9.47 1/4 and November was 7 1/2 cents lower at $9.19.
Wheat futures are solidly lower on Tuesday. Advancing harvest pressure and outside markets weighed on wheat trade. Losses in crude oil and equities and strength in the dollar were bearish for commodities. Drier weather in the Plains is helping push harvest progress. Protein levels so far in Kansas have been good. Spring wheat condition ratings remain very strong at 84% good to excellent. CBOT July ended 7 1/2 cents lower at $4.42, KCBT July closed 10 3/4 cents lower at $4.68 1/4 and MGE July fell 9 cents to $4.92 1/2.
Cattle futures closed lower on Tuesday. The sharp decline in the stock market raised fears of a weak economy and thus weak beef demand. Light cash trade was reported at $90, down $1 from last week. Smaller showlists and firm boxed beef prices are expected to limit weakness in the cash market this week. August ended 93 cents lower at $88.75 and October was 95 cents lower at $90.35.
Lean hog futures were strongly lower on Tuesday. Lower pork prices, weakness in the cash market and the sharp decline in the stock market weighed on futures. There was talk today that several packing plants will be closed on Friday due to a surplus of pork while most will be closed on Monday for the Fourth of July holiday. July closed 78 cents lower at $78.75 and August was $1.23 lower at $80.95.