Corn futures posted strong gains on Tuesday. The market was choppy much of the session, but rallied into the close. Spillover support from soybeans and the rally in the stock market helped push prices higher. Gains were limited this morning by the USDA planting intentions number of 85 million acres, up from trade expectations of only 84.4 million. However, wet weather in the Midwest is raising concerns about possible planting delays. May ended 18 1/2 cents higher at $4.04 3/4 and December was 17 1/2 cents higher at $4.35 3/4.



Soybean futures were sharply higher on Tuesday. The Prospective Plantings report this morning was bullish for soybeans. Planting intentions were pegged at 76 million acres, down 3.6 million from the average pre-report estimate. March 1 quarterly stocks were also supportive as 1.302 billion bushels were 20 million below trade expectations. May closed 47 1/2 cents higher at $9.52 and November was 50 cents higher at $8.92.



Wheat futures closed strongly higher on Tuesday. The market was supported by the rally in soybeans and concerns about spring wheat planting problems in the northern Plains due to wet conditions and flooding. USDA data was fairly neutral this morning as the all-wheat acreage number was right on pre-report trade expectations at 58.6 million. CBOT May ended 20 1/4 cents higher at $5.32 3/4, KCBT May was 19 1/2 cents higher at $5.74 and MGE May closed 28 cents higher at $6.39 1/4.



Cattle futures closed sharply higher on Tuesday. The recovery in the stock market led to short-covering gains in cattle. Boxed beef prices are expected to show seasonal improvement soon and prices have moved higher on Monday and midday Tuesday. Higher corn prices were also bullish for deferred contracts. April closed $1.10 higher at $83.93 and June gained $1.63 higher at $81.70.



Lean hog futures were mostly higher on Tuesday. The April contract closed lower, but deferreds were supported by strength in the stock market and weakness in the dollar, which will benefit pork exports. Cash prices are expected to move higher as supplies of hogs are expected to tighten seasonally. April closed 20 cents lower at $60.35 while June ended $1.43 higher at $72.40.