Corn futures settled higher on Tuesday. Profit-taking on May/Dec spreads supported the May contract today. Weather forecasts and positioning ahead of the March 30 Prospective Plantings report will dominate trade for the near-term. Weather forecasts look wet into the weekend, but the NWS 6-10 and 8-14 day outlooks call for warmer temperatures and normal to below normal rain. May ended 7 1/4 cents higher at $4.05 1/4 and December ended 3 1/4 cents higher at $4.09 1/4.



Soybean futures closed higher on Tuesday. Commercial buying and ideas of a large drop in acreage this spring helped support the market. Firm corn and wheat markets were also noted. Old-crop fundamentals remain bearish. Rainfall in northern Brazil has slowed some harvest progress, but the record crop there will soon begin to choke off demand for U.S. soybeans. May was 5 1/4 cents higher at $7.64 3/4 and November was 5 cents higher at $8.08.



Wheat futures ended higher on Tuesday. Technical buying supported prices after holding above chart support at the recent lows. News that Egypt had bought 60,000 metric tons of U.S. soft red winter wheat provided light fundamental support. CBOT May was 7 3/4 cents higher at $4.62 3/4. KCBT May was 4 1/2 cents higher at $4.83 1/2 while MGE May was up 3 1/2 cents at $5.01 1/2.



Cattle futures were mixed on the close Tuesday after a mixed trading session. Ideas that cash cattle will trade $1 to $2 lower this week weighed on the April contract. Deferreds found light support amid ideas that the recent setback has left the market oversold. April fell 20 points to close at $97.60. June was 10 points higher at $94.95. April feeder cattle fell 97 points to close at $105.55.



Lean hog futures closed mostly lower and near session lows on Tuesday. Spread activity was as feature today. Losses in deferred contracts were limited by stronger corn prices while signs of improvement in the cash market limited weakness in the front end. April ended 30 cents lower at $64.08 and June was 28 cents lower at $74.35.