Corn futures closed higher on Tuesday, rebounding from weakness the majority of the trading session. Spillover strength from soybeans and the rally in the stock market and crude oil helped rally corn futures. Gains were limited by concern about the global economic recession and how that could hurt the export market. March closed 2 1/2 cents higher at $3.54 1/4 and May was 2 1/4 cents higher at $3.63.



Soybean futures settled mostly higher on Tuesday. The rally in the stock market and crude oil helped support the market. There are ideas that a farmer strike in Argentina may become prolonged, which would disrupt their export market. In addition, there was talk of fresh buying interest from China. March closed 8 1/4 cents higher at $8.81 and May was 7 1/2 cents higher at $8.83 1/2.



Wheat futures ended higher on Tuesday. Fund buying was triggered by the rally in the stock market and spillover strength from soybeans. U.S. wheat is struggling to remain competitive on the global market, but weakness in the dollar index was a supportive factor today. CBOT March closed 4 3/4 cents higher at $5.15 1/4, KCBT March was 5 cents higher at $5.53 1/4 and MGE March ended unchanged at $6.17 1/2.



Cattle futures posted strong gains on Tuesday. Short-covering from technically oversold conditions and strength in the stock market helped push futures higher. Demand for beef remains sluggish, but boxed beef prices have stabilized the past couple of days. With tightening cattle numbers, the cash market should stabilize soon. April closed $1.43 higher at $85.35 and June was $1.48 higher at $83.33.



Lean hog futures closed lower on Tuesday with nearly all months hitting new contract lows. Weakness in the cash market and pork cutouts continued to weigh on futures with technical selling extending losses. The rally in the stock market and technically oversold conditions provided little support. April ended 53 cents lower at $57.70 and June was 85 cents lower at $70.10.