Corn futures closed higher on Tuesday. Once again there was little new in the market although a sharp rally in the oil complex seemed to help support corn futures. The cold temperatures across the Midwest have slowed corn movement and should support feed use. March settled 4 3/4 cents higher at $4.04 3/4 while new-crop December was 3 1/4 cents higher at $3.97 3/4.



Soybean futures were higher on Tuesday. After opening lower, futures turned higher as corn and wheat also showed strength. Crude oil strength also pushed soyoil higher. The crop in South America looks good, but there are some dry spots in Argentina and some areas that are too wet in Brazil. March closed 11 1/2 cents higher at $7.36 1/4 and November was 10 1/2 cents higher at $7.73 1/2.



Wheat futures ended higher on Tuesday. Sharply higher crude oil futures contributed to gains in corn and soybean oil, providing positive leadership for the wheat market. An export sale of hard red winter wheat to Iraq and ideas that U.S. wheat has become more competitive on the world market also helped prices rally. CBOT Mar 3 cents to close at $4.59 1/2. KCBT Mar was 3 1/2 cents higher at $4.81 3/4 while MGE Mar was up 2 1/4 cents at $4.89 1/2.



Cattle futures closed lower on Tuesday. Ideas that delivery notices may be posted against the February contract next week contributed to speculative long liquidation. The cold weather is supportive but beef cutout values have declined rather sharply in the last couple of weeks to offset the positive weather impact. February fell 67 points to close at $89.92. April was 77 points lower at $92.62. March feeder cattle were down 55 points at $94.85.



Lean hog futures closed lower on Tuesday. The sell-off was fueled by profit taking following the very strong rally in the last couple of weeks, and ideas that the futures were overbought. Cash markets were generally higher as cold weather has slowed marketings. February fell 48 cents to $63.58. June hog closed 28 cents lower at $76.35.