Corn futures settled higher on Tuesday. Spillover support from soybeans helped support the market. In addition, corn planting progress as of Sunday was 2% compared to the 5-year average of 6%. Forecasts show some drier weather in the Midwest, but chances of rain still exist in the already wet southern and eastern Corn Belt. May ended 6 3/4 cents higher at $3.94 1/4 and December was 5 1/2 cents higher at $4.24 3/4.



Soybean futures were strongly higher on Tuesday. Old-crop futures hit 2 1/2 month highs as tight soybean stocks and strong export demand have helped continue the bullish momentum. New-crop was pulled higher as the market needs to bid for acreage this spring to help rebuild stocks. The soy complex was also pulled higher by soybean oil, which is finding strength in world vegetable oil markets. May closed 14 1/2 cents higher at $10.36 and November was 12 cents higher at $9.39 1/4.



Wheat futures closed lower on Tuesday. While soybeans and corn trade was higher, wheat futures were pressured by profit-taking. Weather forecasts show good chances of beneficial rainfall in the central and southern Plains while the northern Plains should be helped by drier weather. The Crop Progress report released yesterday was bullish, but was anticipated by the market. Winter wheat condition ratings slipped 1% in the good to excellent categories and spring wheat planting progress at 2% was well below the 5-year average of 11%. CBOT May ended 1 cent lower at $5.22 1/4, KCBT May was 5 1/2 cents lower at $5.64 1/2 and MGE May fell 8 1/2 cents to $6.29 3/4.



Cattle futures ended lower on Tuesday. The decline in the stock market and premium of futures to last week's cash market weighed on the cattle market, after hitting two-month highs last week. Beef prices continue to climb with choice cuts up $1.50 and select cutouts up $1.78 at midday. However, cash ideas have turned to mostly steady for this week as showlists have some cattle carried over from last week. June closed 80 cents lower at $83.80 and August fell 75 cents to $84.43.



Lean hog futures closed sharply lower on Tuesday. Weakness in the stock market led to long liquidation and sell stops that extended the losses. Before the late meltdown, futures losses were limited by rising pork cutouts values, firm cash markets and the outlook for declining hog supplies. Pork cutouts were up 51 cents on Monday, hitting a three-week high. May fell $2.15 to $71.18 and June was $1.50 lower at $72.60.