Corn futures settled mixed on Tuesday. Futures were sharply higher overnight and this morning. Nearby contracts were up the 20 cent limit on follow-through strength in response to USDA's reports last Friday. However, prices eased on profit taking selling pressure. There was also some selling in anticipation of fund rebalancing at the close today. March settled 6 1/2 cents higher at $4.03, but new-crop December was 6 3/4 cents lower at $3.87 3/4.



Soybean futures ended lower on Tuesday. Profit-taking after the strong rally on Friday pressured prices with corn trade pulling back from limit gains again on the open. Favorable crop conditions in South America and projections for record ending stocks remain bearish fundamental factors.
March ended 8 cents lower at $7.08 1/2 and November was 6 1/4 cents lower at $7.57 1/4.



Wheat futures ended lower on Tuesday. The market gave back a sizable chunk of Friday's big gains as some of the euphoria in the corn market faded. The more subdued corn market action sent speculative longs who had bought wheat Friday heading for the exits. CBOT Mar was down 15 1/2 cents at $4.64. KCBT Mar fell 13 1/4 cents to close at $4.92 while MGE Mar closed 15 1/2 cents lower at $4.91 1/2.



Cattle futures closed mixed on Tuesday. The front three cattle futures contracts rebounded from early weakness to finish higher. Disappointing cash prices late last week and the recent steep jump in corn prices contributed to early selling pressure. However, solid chart support and rising wholesale beef prices helped support the market. February gained 47 points to close at $92.27. April contract was 30 points higher at $94.17. January feeder cattle fell 27 points to close at $94.30.



Lean hog futures closed higher on Tuesday. Steady to firm cash markets helped support the market today as shorts were covering positions. Marketings were on the light side today due to the cold weather in Midwest. February ended 25 cents higher at $60.63 and June ended 43 cents higher at $74.10.