Corn futures were lower on Tuesday amid some technically based selling and further consolidation trade. There was little new in the market although with the sharp rally last week there is a sense that prices have become overbought and due for a correction. May closed 2 cents lower at $2.34 1/2. December closed 1 3/4 cents lower at $2.66 1/2.

Soybean futures were lower again on Tuesday. The nearby fell to the lowest level since December which could open the door to further weakness. Expected record large seedings in the U.S. and record crops being harvested in South America were given as the bearish reasons for the fall today. May ended 6 1/4 cents lower at $5.58 3/4 and November fell 6 1/4 cents lower at $5.90.

Wheat futures closed narrowly mixed on Tuesday. Spillover pressure from corn and soybeans kept wheat on the defensive most of the day. Winter wheat crop condition ratings were apparently in line with market expectations. Good to excellent ratings of 38% are well below the 68% at this time last year. CBOT May was 3/4 of a cent at $3.42 3/4. KCBT May was up 3/4 of a cent lower at $4.14 1/4. MGE May wheat gained 3 cents to close at $4.05 1/2.

Cattle futures were lower on Tuesday, falling to another round of new contract lows. A steep decline hog futures reinforced concerns about large total meat supplies. In addition, cash trade is expected to develop later this week at lower prices. April cattle were down 190 points at $78.32. June fell 162 points to close at $73.12. April feeder cattle were 177 points lower at $99.20.

Lean hog futures were strongly lower on Tuesday. Weak fundamentals and the more than ample supply of all meats have pressured hog futures prices for weeks, but much of the big collapse on Tuesday has to be blamed on technical factors. April ended $1.85 lower at $56.30 and June closed $1.83 lower at $64.05.