Corn futures closed higher on Tuesday. The slow pace of harvest and crop maturity and some concern about cool temperatures this week supported prices. Even if frost damage is only minimal, cooler temperatures will slow crop maturity and the crop will remain vulnerable to frost. As of Sunday, the crop was 37% mature compared to the five-year average of 72%. December ended 2 1/4 cents higher at $3.41 and March was 2 3/4 cents higher at $3.54.



Soybean futures were slightly lower on Tuesday. Expectations for a record soybean crop weighed on futures despite concerns about the lagging crop maturity and pockets of frost in the northern Plains overnight. Cool temperatures are expected the next couple of nights, but as of now crop damage is expected to be limited. November closed 2 1/2 cents lower at $9.17 and January was 2 cents lower at $9.22 1/2.



Wheat futures closed solidly lower on Tuesday. New contract lows were set in most months. The market was pressured by news that Egypt bought Russian wheat in a recent a tender with none of the business going to the U.S.
Export demand remains sluggish and world wheat supplies remain large. Rain in the Plains will favorable winter wheat establishment. As of Sunday, winter wheat was 36% seeded, only slightly below the five-year average of 39%. CBOT Dec ended 8 1/4 cents lower at $4.47 1/2, KCBT Dec was 6 1/2 cents lower at $4.68 1/2 and MGE Dec closed 5 cents lower at $4.83 1/4.



Cattle futures were lower on Tuesday. Strength in the dollar, weakness in the stock market and slow boxed beef movement were bearish factors. Boxed beef movement remains slow, but beef prices were higher at midday. Choice cutouts were up 63 cents at midday. Losses were limited by further strength in the lean hog futures market. October ended 45 cents lower at $85.65 and December was 18 cents lower at $85.60.



Lean hog futures settled higher on Tuesday. Follow-through buying from Monday and strength in pork cutout prices yesterday provided support. Short-covering was triggered by ideas of improved demand later this year. However, front end contracts gave back more than half their gains late in the session. October closed 40 cents higher at $50.28 and December was 45 cents higher at $50.18.