Corn futures ended slightly lower on Tuesday. The market was pressured by profit-taking. In addition, the soybean/corn spread was corrected further today as soybeans took back some of the gains made by corn last week. Losses were limited by some growing concern about potential planting delays as 6-10 day forecasts show chances of rain in the Midwest. May ended 1 cent lower at $3.90 1/2 and December was 1/2 of a cent lower at $4.20 3/4.



Soybean futures closed higher on Tuesday, led by new-crop months. The bidding for acreage this spring pushed new-crop months higher. Old-crop was supported by the gains in new-crop along with strength in crude oil and the stock market. Traders continue to watch the situation in Argentina, where the government and farmers are working on export policy. May ended 2 cents higher at $9.13 and November was 10 1/2 cents higher at $8.61.



Wheat futures settled higher on Tuesday. The main supportive factor for wheat remains the dry conditions in the southern Plains. Forecasts for this week remain mostly dry and some chances of precipitation next week have been dialed down. Export demand has been sluggish, but there was talk that Iraq was about to make a large wheat purchase with the U.S. getting some of the business. CBOT May closed 8 1/4 cents higher at $5.52 1/2, KCBT May was 5 3/4 cents higher at $6.03 and MGE May ended 6 cents higher at $6.39.



Cattle futures closed mixed on Tuesday, with the two front end contracts slightly lower while deferreds were higher. Spread trade was noted today, but strength in the stock market and higher beef prices at midday helped limit losses in the nearbys and were slightly supportive for deferreds. Midday choice beef prices were up $1.17. Packer margins remain in the red, but ideas that beef demand will soon improve seasonally could force packers into steady or firm bids. April ended 15 cents lower at $84.30 and June was also 15 cents lower at $81.93.



Lean hog futures traded mixed on Tuesday. Front end contracts were pressured by further weakness in the cash market and concern that Mexico will impose duties on some U.S. imports due to trade issues. Stronger than expected pork exports in January offered some support. Exports were up 3.3% from December although they were down 9.5% year-over-year. April ended 60 cents lower at $62.15 while June was unchanged at $74.08.