Corn futures settled mostly unchanged on Tuesday. The market was lower much of the day on pressure from favorable crop weather and improved crop condition ratings last week. But the market ended flat on support from strength in the stock market and crude oil and weakness in the dollar index. July was unchanged at $3.53 3/4 and December was unchanged at $3.75.
Soybean futures closed slightly lower on Tuesday. The market was higher much of the day on support from a decline in crop condition ratings and support from the decline in crude oil and weakness in the dollar. But after rallying to a one-month high, profit-taking developed to push prices lower. Weather conditions are generally favorable for early season crop growth. July ended 2 cents lower at $9.49 1/2 and November ended 3/4 of a cent lower at $9.15 1/2.
Wheat futures were narrowly mixed on Tuesday after a choppy, two-sided trading session. Profit-taking from the strong gains on Monday weighed on futures much of the day. But the market was supported by rain in the southern Plains that has slowed HRW harvest and could hurt protein levels. Wet weather in Canada this spring has limited wheat acreage. Strength in the dollar also helped push prices higher. CBOT July closed 1/4 of a cent higher at $4.51 3/4, KCBT July ended 1 1/4 cents lower at $4.78 1/4 and MGE July was 1/4 of a cent lower at $5.23.
Cattle futures closed higher on Tuesday. Higher boxed beef prices at midday and outside market strength pushed prices higher after opening lower. Choice beef prices at midday were up $1.68 and select cuts were up $1.67. Strong gains in the stock market and weakness in the dollar were supportive factors. June ended 28 cents higher at $90.005 and August was 48 cents higher at $88.60.
Lean hog futures were mostly higher on Tuesday. The market was lower this morning on profit-taking from the gains on Monday and the $1.26 drop in pork cutouts. But futures rebounded on some firm cash bids today. Weakness in the dollar and strength in the dollar also led to ideas of improved demand for pork. July closed 8 cents higher at $80.13 and August ended 60 cents higher at $82.38.