Corn futures ended higher Tuesday as prices recovered from early losses. Crop condition ratings fell again last week with the good to excellent categories down another 3 points to 58%. While it's slightly above 53% good to excellent a year ago it's still well below the ten-year average of 64%. Early weakness was attributed to the much needed rainfall in the northwestern Corn Belt. September closed 1 1/2 cents higher at $2.40 1/2. December ended 1 3/4 cents higher at $2.57 3/4.



Soybean futures closed lower on Tuesday. The market was pressured by deliveries against the August contract and a smaller than expected decline in crop condition ratings. USDA pegged the crop at 53% good to excellent, down 1% from the previous week while traders were looking for a 2%-3% decline. September ended 6 1/4 cents lower at $5.79 1/4 and November was 6 cents lower at $5.93 3/4.



Wheat futures were lower on the close Tuesday. Spring wheat harvest is moving full speed ahead while demand is lackluster. USDA lowered spring wheat conditions ratings on Monday afternoon, but seasonal pressure from the advancing spring wheat harvest outweighed the support from the falling condition ratings. CBOT Sep was 5 cents lower at $3.92 1/2 while KCBT Sep fell 10 3/4 cents to close at $4.82. MGE Sep was down 17 1/2 cents at $4.68 1/2.



Cattle futures closed mixed on Tuesday. The market drifted mostly lower in a quiet trading session. Packers are believed to be short on live cattle inventories, contributing to expectations for a firm tone in the cash market this week. However, boxed beef cutout values aren't showing much enthusiasm despite ideas that a summer low has been put in place. August was 2 points higher at $83.75 while October was down 40 points at $88.30. August feeder cattle closed 10 points higher at $114.42.



Lean hog futures closed mostly lower on Tuesday even though cash prices continued to strengthen. Weakness was attributed to ideas that hog supplies will increase now that the severe heat wave is ending. Further declining cutout values have significantly reduced packers' margins and lower cash bids are likely to follow soon. August ended 5 cents higher at $68.60 while October fell 48 cents lower at $61.28.