Corn futures were lower on Tuesday. After the move up in prices the past few trading sessions, prices were due for consolidation. While we expect cash corn selling interest to pick-up with a modest recovery in prices, so far basis has been mixed. March ended 1/2 of a cent lower at $2.00.



Soybean futures closed slightly lower. The market was choppy today as the recent short-covering rally stalled as the market is drifting toward technically overbought conditions. NOPA January crush was within expectations, but on the low end. March closed 1/2 of a cent lower at $5.35 1/4.



Wheat futures were lower on Tuesday. After the recent solid jump higher, the market gave back some of the gains Tuesday. Increased cash movement in the northern Plains weighed on the cash basis. CBOT Mar was 2 1/2 cents lower at $2.99 1/4. KCBT Mar fell 5 cents to close at $3.30 1/2 and MGE Mar was down 9 cents at $3.35 3/4.



Cattle futures were mostly lower Tuesday in another quiet trading session as traders wait for cash trade to develop. Showlists are up modestly from last week but supplies are still tight so we look for cash to trade steady to a dollar lower this week. February ended 20 points lower at $90.20.



Lean hog futures ended higher on the day. Strength in futures was due mostly to technical factors as fundamentals remain fairly weak. Cash hog prices were mixed today, but at around $64 are far below the prices indicated by futures contracts. April settled up 43 cents at $73.00.