Corn futures settled steady to lower on Tuesday. Trade activity was viewed as consolidation from Friday's rally with weakness in gold and crude oil also contributing to the weakness. New contract highs were set in most months in overnight trade. March was 1 3/4 cents lower at $4.15 1/4 and December was unchanged at $4.13 1/4.



Soybean futures closed higher on Tuesday. Light speculative buying was driven by technical strength and bullish momentum. Soybeans were able to gain on corn with ideas of a significant decline in acreage this spring continuing to be supportive for the new-crop. March ended 4 cents higher at $7.71 and November closed 6 cents higher at $8.22 1/2.



Wheat futures ended lower on Tuesday. The market drifted lower in a quiet trading session with weakness in crude oil and gold contributing to the weakness. Reports of favorable crop prospects in India and Ukraine also sparked light speculative long liquidation. CBOT Mar was down 3 1/2 cents at $4.64 1/2. KCBT Mar fell 2 1/2 cents to close at $4.93 while MGE Mar was 2 3/4 cents lower at $5.02 1/4.



Cattle futures closed lower on Tuesday. The market gapped lower on the open and extended losses throughout the session. Disappointing cash prices last Friday and forecasts for favorable weather in the Plains this week set the negative tone. Cash cattle traded at mostly $91 late Friday, below earlier expectations for $92. February was down 122 points at $92.67 while April was 120 points lower at $95.35. March feeder cattle fell 55 points to close at $99.62.



Lean hog futures were strongly lower on Tuesday. Weakness in the cash market put pressure on futures which brought profit taking that triggered sell stops. Cash hog prices were down on Tuesday amid ideas that hog supplies will rise because of the much improved weather. April was $1.65 lower at $66.85 and June was $1.15 lower at $76.95.