Corn futures closed slightly lower on Tuesday. The market was pressured by the downturn in soybeans and sharp drop in the stock market. The USDA Supply/Demand report was released this morning and U.S. ending stocks were left unchanged at 1.79 billion bushels. Traders had been looking for an increase of 30-35 million bushels, so the report was viewed as slightly supportive. March ended 3/4 of a cent lower at $3.76 3/4 and May was 1 cent lower at $3.87.



Soybean futures settled lower on Tuesday. The Supply/Demand report was fairly neutral this morning. USDA cut the U.S. ending stocks estimate by 15 million bushels to 210 million, although traders were looking for a slightly larger cut. USDA lowered the production estimates for Argentina and Brazil, but this was also well anticipated by the trade. Rain in Argentina and forecasts for some more chances over the next couple of weeks along with sharp losses in the stock market also pressured prices. March closed 8 cents lower at $9.94 and May was 7 1/4 cents lower at $10.00 1/4.



Wheat futures ended lower on Tuesday. The market was pressured by spillover weakness from soybeans, the sharp decline in the stock market, strength in the dollar and the increased world wheat ending stocks number. USDA left the U.S. ending stocks projection unchanged, but raised world ending stocks due to reduced demand. CBOT March closed 9 cents lower at $5.56, KCBT March ended 7 3/4 cents lower at $5.87 1/4 and MGE March was 5 cents lower at $6.53 1/4.



Cattle futures traded higher on Tuesday. The firm tone in the cash market last week and ideas that boxed beef prices may be bottoming was supportive. Midday beef prices were higher with choice cutouts up 67 cents. Spillover strength in the lean hog pit and technical buying also supported prices. The April contract hit the highest level in 4 1/2 weeks. April closed 30 cents higher at $88.05 and June settled 48 cents higher at $85.40.



Lean hog futures closed strongly higher on Tuesday. Futures rebounded from near contract lows on strength in pork cutout prices that have helped turn packer margins positive. Cash markets were beginning to firm today on increased slaughter plans for Saturday. April closed $2.23 higher at $62.30 and June ended $2 higher at $75.05.