Corn futures closed lower on Tuesday. Strong demand for corn and firming basis levels were supportive, but not enough to keep futures on the positive side today. The approaching harvest and ideas of good yields weighed on the market. September closed 1 3/4 cents lower at $2.22 3/4 and December was 2 1/4 cents lower at $2.68 3/4.



Soybean futures trade was choppy on Tuesday, but closed slightly lower. The market is technically oversold, but weather continues to be favorable for yield potential. Trade expectations for soybean production are on the rise as USDA bumped crop condition ratings up slightly again last week to 59% good to excellent. September closed 3/4 of a cent lower at $5.37 and November was 1 cent lower at $5.51.



Wheat futures were lower on the close Tuesday. Speculative longs were content to take some profits with first delivery notices to be posted against the September futures on Thursday. Despite the setback, KCBT and CBOT futures have posted a solid rebound from recent lows, finding strong support from expectations for increased export demand. CBOT Sep was 4 1/4 cents lower at $3.80 1/2. KCBT Sep fell 1 3/4 cents to close at $4.60 1/4. MGE Sep was 2 cents lower at $4.47.



Cattle futures closed mixed on Tuesday. After opening higher, futures quickly sold off on profit taking after setting new contract highs in the several contracts. There was no significant news to provide direction. Opinions are mixed on the cash market outlook for this week. October was 2 points higher at $92.52 while December gained 15 points to close at $92.42. October feeder cattle were 17 points lower at $117.45.



Lean hog futures closed lower on Tuesday, except for the October contract that ended unchanged. Declining cash prices pressured futures prices all day, but futures did manage to recover from some sizable losses early in the session. October ended unchanged at $65.40 and the December contract was 10 cents lower at $62.65.