Corn futures closed lower on Tuesday. Spillover weakness from soybeans and index funds weighed on prices late in the session following a drop in metals and crude oil prices. The market traded lower most of the session on consolidation from recent gains. March ended 4 3/4 cents lower at $2.18 and May fell 4 1/2 cents to $2.28 1/2.

Soybean futures fell late in the session Tuesday to close lower. The decline was attributed to a sell-off in gold, silver, and crude oil, which led to profit-taking by inflationary based indexed funds. March settled 13 cents lower at $5.74 and May ended 12 1/2 cents lower at $5.88.

Wheat futures settled lower on Tuesday. The markets ran into a late round of profit-taking to close lower. A steep break in gold spilled over into soybeans and corn which in turn contributed to late selling in wheat. CBOT Mar wheat was 3 1/4 cents lower at $3.51 3/4. KCBT Mar fell 4 1/2 cents to close at $4.13. MGE Mar was down 2 cents at $4.02.

Cattle futures closed mixed on Tuesday. The market managed a morning rally on short covering and light bargain hunting but there was no real conviction to the upside. Fed cattle supplies will be seasonally tight into early spring, but packers are dealing with sliding beef prices. April ended 10 points lower to close at $89.77 and June was unchanged at $83.92.

Lean hog futures closed higher on Tuesday, fueled by short covering and further gains in cash bids. Cash bids have rebounded by more than $2 so far this week, but there has been almost no rise in cutout values. April closed 43 cents higher at $61.75. June gained 35 cents to close at $68.88.