Corn futures ended lower on Tuesday. After opening firm, gains faded and selling pressure picked up as December futures tested chart resistance. The setback coincided with a pullback from the intraday highs in the other grains as well. With harvest expected to gain momentum, buying interest was also limited. December futures closed down 1 1/2 cents at $2.44 1/4.



Soybean futures ended higher on Tuesday, but closed well off the highs. Soymeal was the leader today as it made a technical rebound, hitting buy-stops. This pushed soybeans higher as firm corn and wheat prices also supported the soy complex. However, gains were trimmed by favorable crop weather and rising production estimates. November ended 2 3/4 cents higher at $5.54 1/4.



Wheat futures were mixed on the close Tuesday. Futures gapped higher on the open, but backed off the remainder of the trading session. Despite the rather weak close, wheat futures remain technically strong following last week's surge higher. CBOT Dec was 2 1/2 cents higher at $4.22. KCBT Dec fell 1 1/2 cents to close at $4.83 1/2. MGE Dec was down 3/4 of a cent at $4.69 3/4.



Cattle futures closed higher on Tuesday, climbing to new contract highs. Higher boxed beef cutout values and optimism that Korea will soon approve the resumption of U.S. beef imports provided fundamental support. Last week's sharply higher cash prices and a strong rally in lean hog futures also provided underlying market strength. October was 117 points higher at $94.52 while December climbed 70 points to close at $93.85. October feeder cattle were 162 points higher at $117.95.



Lean hog futures continued to push higher on Tuesday with most months hitting new life-of-contract highs. The strength was attributed to short covering, technical support, and fund buying, but firm cash prices were also supportive. October ended up $1.53 at $68.08 and December was up $1.10 at $65.45.