Corn futures were steady to fractionally higher on Tuesday as the market consolidated after yesterday's losses. The small recovery in crude oil and the stock market late in the corn trading session helped pull futures up from small losses this morning. May closed 1/4 of a cent higher at $3.50 1/2 and December was 1/2 of a cent higher at $3.80 3/4.



Soybean futures closed mixed on Tuesday. Front end futures were supported by the prospects for strong export demand and uncertainty about exports out of Argentina as farmers quarrel with the government. But new-crop months were lower as concern remains about the economy hurting demand and for increased soybean acreage in the U.S. this spring. May ended 9 1/2 cents higher at $8.53 1/2 while November was 1 3/4 cents lower at $7.91 1/4.



Wheat futures settled lower on Tuesday. Despite oversold conditions and the slightly firm tone in outside markets near the close, wheat futures were pressured by uncertainty in the financial markets. Export demand is very sluggish as competition for export sales on the global market remains strong. CBOT May was 4 1/4 cents lower at $5.01 3/4, KCBT May ended 2 1/4 cents lower at $5.44 3/4 and MGE May fell 6 cents lower at $5.89 1/4.



Cattle futures closed higher on Tuesday. Short-covering and the small rebound in the stock market at the close helped support futures. Strength in boxed beef prices also supported the market. Boxed beef prices were up strongly on Monday and again at midday, with choice cuts up $1.29 and select cuts up $1.58. Cash trade is not expected until later in the week, but feedlots are looking for firm trade compared to the $81-$82 business last week. April ended 28 cents higher at $84.23 and June was 25 cents higher at $82.45.



Lean hog futures were higher on Tuesday. Higher cash prices and the small recovery rally in the stock market triggered a short-covering rally. Ideas that pork prices should soon turn higher as seasonal demand improves is supportive as the cash market should also improve as hog numbers tighten. April closed 58 cents higher at $60.85 and June was 30 cents higher at $71.78.