Corn futures moved higher on Tuesday in relatively quiet trade. A late round of buying carried prices higher at the close. Fund buying has been the main factor driving futures higher. March futures settled 1 cent higher at $2.18 3/4. May futures closed 1 1/4 higher at $2.29.



Soybean futures closed lower on Tuesday as traders consolidated recent gains. Weather problems in Argentina helped propel the market higher the past two sessions, but forecasts show cooler temperatures and chances of rain mid to late week. March closed 4 1/2 cents lower at $5.94 1/4 and May was 2 3/4 cents lower at $6.06 3/4.



Wheat futures closed lower on Tuesday. Profit-taking following the strong rally led to the weakness. Anxiety over the outcome of the pending Iraqi import tender contributed to the setback. CBOT Mar was 2 cents lower at $3.43 1/4. KCBT Mar slipped 3/4 of a cent to close at $3.97 1/2. MGE Mar was down 5 cents at $3.96 1/2.



Cattle futures recovered from early weakness to close modestly higher Tuesday. Higher morning cutout values provided enough fundamental support to encourage bargain hunting and short covering. The recent selloff has dropped futures to a discount to the cash market. February futures closed 30 points higher at $93.55. April gained 42 points to close at $91.57.



Lean hog futures closed mostly higher in choppy trade Tuesday. Cash hog prices stabilized on Tuesday and some markets even reported slightly higher bids. This gave support to futures where the market is generally oversold. April closed steady at $61.83 and June was 18 cents higher at $66.28.