Corn futures continued the lower trend today. Futures fell to new contract lows. While there was no particularly negative news, Monday's weakness along with lower prices across the grain floor again on Tuesday reinforced the negative sentiment in corn. March ended 3/4 of a cent lower at $2.01.

Soybean futures were strongly lower again today. Technical weakness and more rain in the drier areas of central Brazil weighed on futures. The rain will help the prospects for an expected large crop in South America. March is 10 1/2 cents lower at $5.25.

Wheat futures continued their slide Tuesday with most contracts falling to new life of contract lows. The commodity funds added to their large short positions, creating enough selling pressure to drop futures through chart support. CBOT Mar was down 6 1/4 cents at $2.96. KCBT Mar fell 2 1/2 cents to close at $3.28 and MGE Mar was 4 1/4 cents lower at $3.36 3/4.

Cattle futures were sharply higher Tuesday as ice and snow swept into the Plains cattle feeding region. Increasing controversy about the USDA plan to allow the resumption of Canadian cattle imports also provided support. February surged 207 points higher to close at $90.47.

Lean hog futures closed mixed but mostly lower. The big premium of the February contract to the settlement index kept a lid on prices on Tuesday, along with some profit taking by traders. February was down 20 cents closing at $76.50.