Corn futures were steady to fractionally higher Tuesday. Firm cash markets and some light local buying and short covering by the funds were enough to prop up prices in an otherwise quiet day. March was unchanged at $1.97.

Soybean futures ended lower on the day. The market fell as gulf basis levels eased. Sell-stops were hit, which extended losses. Favorable growing conditions in most of South America also weighed on the market. March ended 7 3/4 cents lower at $5.07.

Wheat futures held on to small gains today despite closing pressure from late weakness in the soybean pit. Short-covering helped support the market as futures bounce from recent contract lows. CBOT Mar was 1 1/4 cents higher at $2.92 1/4. KCBT Mar was 1/2 of a cent higher to close at $3.25 1/4. MGE Mar was also 1/2 of a cent higher at $3.40 3/4.

Cattle futures were higher Tuesday underpinned by expectations for firm to higher cash prices this week. Choice boxed beef cutouts were steady this morning suggesting the beef market is stabilizing following the recent slide. February ended 55 points higher to close at $90.77.

Lean hog futures closed lower, but the losses were pretty modest. Weak cash prices have been the primary driver so far this week. There are also signs traders are rolling out of the February contract. The February contract fell 15 cents to close at $73.63.