Corn futures were mixed on Tuesday. It was another day of consolidation ahead of the USDA reports Thursday morning. The average trade estimate for planting intentions is 82.3 million. That compares to 80.9 million planted last season. May futures ended 1/4 of a cent higher at $2.13.



Soybean futures ended lower today in quiet trade. Many traders are on the sidelines ahead of Thursday's Grains Stocks and Prospective Planting report. The planting figure will dictate market direction, at least in the short term. May soybean futures settled 1 3/4 cents lower at $6.24.



Wheat futures were mixed on Tuesday. Traders evened positions ahead of the USDA reports due out Thursday. Market analysts expect spring wheat acreage intentions to come in about unchanged from last year at 13.76 million acres. CBOT May was 1 1/2 cents lower at $3.34 1/2. KCBT May was down 2 1/2 cents at $3.43 3/4. MGE May fell 3/4 of a cent to close at $3.54 1/2.



Cattle futures were modestly higher Tuesday supported by expectations for stronger cash prices this week. Boxed beef cutout values strengthened this morning, reinforcing ideas that beef prices have bottomed and will work seasonally higher. April futures closed 30 points higher at $90.10.



Lean hog futures closed mostly higher on Tuesday, with the exception of the April contract that continues to decline. Cash hogs continue to struggle and current cash prices are below the $65 per cwt. The rally in deferreds is hard to justify. April fell by 38 cents ending at $69.28.