Corn futures traded slightly higher on Tuesday. Spillover support from the rally in soybeans and light short-covering ahead of the USDA reports due out on Wednesday morning helped support prices. However, gains were limited by forecasts for generally favorable crop weather. September ended 2 1/4 cents higher at $3.26 1/2 and December was 1/2 of a cent higher at $3.31.



Soybean futures were strongly higher on Tuesday. Reports that China was in the market again for U.S. soybeans helped push the soybean market to one-month highs. Traders were also gearing up for the USDA reports scheduled for Wednesday morning. New-crop turned higher despite forecasts for generally favorable crop weather. More seasonal temperatures following recent rainfall should help the crop mature, although it remains vulnerable to an early frost. September closed 30 cents higher at $10.97 1/2 and November ended 28 1/2 cents higher at $10.38 1/2.



Wheat futures closed lower on Tuesday. Positioning ahead of the USDA reports due out on Wednesday weighed on the market. Favorable spring wheat crop conditions and ideas of a very good spring wheat crop coupled with ample global wheat stocks remain bearish factors. USDA pegged the spring wheat condition ratings at 72% good to excellent, up 1% from the previous week. CBOT Sep ended 9 cents lower at $4.85 1/4, KCBT Sep was 8 1/4 cents lower at $5.17 and MGE Sep settled 6 1/4 cents lower at $5.68 3/4.



Cattle futures ended mostly lower on Tuesday. The October contract slipped to the lowest level in six weeks. Short-covering and some commercial buying helped lift the August contract, which is now in delivery. Deferreds were mixed but ended lower despite strength in the beef market. Choice cutouts were up $1.16 at midday. August ended 3 cents higher at $83.30 and October was 65 cents lower at $87.68.



Lean hog futures closed lower on Tuesday. The market attempted a short-covering rally from technically oversold conditions, but gains were unable to hold and futures slipped to a lower close. The August and October contracts hit new lows on continued weakness in the cash hog market and ideas that ample marketings will keep the cash market on the defensive. August fell 13 cents to $48.18 and October ended 65 cents lower at $44.35.