Corn futures dipped to a lower close Tuesday. The market paused for a breather, slipping a few cents lower to bring at least a temporary halt to the powerful contra-seasonal rally that had boosted futures by 30 cents from mid September. Generally favorable harvest weather is expected this week. December futures were 3 3/4 cents lower at $2.64. March closed 2 3/4 cents lower at $2.78.



Soybean futures ended lower on Tuesday. Expanding harvest progress, spillover weakness from soybean oil, and bearish supply/demand fundamentals were negative factors today. Harvest progress is expanding especially in the western Corn Belt, although parts of the eastern belt are being slowed by rain. November ended 2 3/4 cents lower at $5.42 1/2 and January closed 3 cents lower at $5.57 1/4.



Wheat futures were lower on Tuesday. The market was pressured by a round of profit-taking, giving back some of the recent strong gains. A steep decline in crude oil and gold seemed to spill over into the ag commodities. Also, the CBOT raised the minimum margin requirement for speculative positions in wheat futures from $945 to $1,080 per contract. CBOT Dec was 6 1/2 cents lower at $4.39 1/2. KCBT Dec was down 6 1/4 cents at $4.91 3/4. MGE Dec fell 4 1/2 cents to close at $4.70.



Cattle futures ended lower on Tuesday. The futures market turned sharply lower in late trading after a morning rally attempt failed to generate any enthusiasm. Concerns that negative packer margins will prompt a slowdown in slaughter and general weakness in commodity markets contributed to the selling pressure. October slipped 92 points to close at $90.65. December was down 105 points at $89.45. October feeder cattle ended 5 points higher at $113.35.



Lean hog futures closed higher on Tuesday. Strengthening cash bids and firm pork cutout values supported the market. Packers raised bids today in an effort to attract enough hogs to market to fuel aggressive slaughter schedules. Gains were trimmed into the close due to spillover weakness from cattle. October closed 25 cents higher at $64.50 and December was 30 cents higher at $60.75.