Corn futures closed higher today. This was the second consecutive higher close. Even so, the gains are very modest. The rally was driven mainly by some light short covering by the funds and support in sympathy with a bounce in the soybeans. March settled 1 1/4 cents higher at $1.99.



Soybean futures closed higher today after a choppy session. A jump in basis levels brought out some speculative buying. Light farmer selling and disrupted transportation caused Gulf basis to jump 3 cents today. March closed 4 1/2 cents higher at $5.24 1/2.



Wheat futures were mixed on the close Tuesday with short covering lending support in Chicago while KC and Minneapolis were pressured by increased cash movement. CBOT Mar was 1 3/4 cents higher at $2.97. KCBT Mar fell 1 1/4 cents to close at $3.29 3/4 while MGE Mar was 3/4 of a cent lower at $3.44.



Cattle futures were mostly higher Tuesday finding support from short covering following Monday's weakness. However, the nearby closed on the bottom end of the day's trading range on concerns that the cash market will decline this week. February futures closed 7 points higher at $88.77.



Lean hog futures closed mixed, but mostly higher within a narrow trading range today. While the gap between cash and the February contract has narrowed, it is still having an impact on the nearby. Cash hog prices were strong today, but there is little conviction that cash hog prices are headed significantly higher. February fell 35 cents to close at $75.08.