Corn futures settled lower on Tuesday after a choppy trading session. The market was higher much of the day but turned lower following the losses in the stock market today. Rainfall in the Corn Belt is seen as favorable for the crop now that farmers have switched to other crops in areas that were too wet to plant. July ended 2 cents lower at $4.04 and December ended 2 1/2 cents lower at $4.25 1/4.



Soybean futures were higher on Tuesday, but gains were trimmed from early in the session. The market was supported by weakness in the dollar and concerns about wet weather further delaying planting in the eastern Corn Belt and south. The weakness in the stock market and recent slowdown in demand from China helped limit gains. July closed 4 1/4 cents higher at $12.01 1/4 and November was 3 3/4 cents higher at $10.28 1/2.



Wheat futures closed lower on Tuesday. Futures were pressured by ideas that harvest progress will soon pick up, sluggish export demand and ample global supplies of wheat. Rain has delayed some harvest in the Plains, but warmer and drier weather is forecast. Winter wheat harvest as of Sunday was pegged at 9% complete compared to the 5-year average of 19%. CBOT July ended 9 1/2 cents lower at $5.65 3/4, KCBT July was 8 3/4 cents lower at $6.23 and MGE July ended 10 1/4 cents lower at $7.11 3/4.



Cattle futures closed lower on Tuesday. The downturn in the stock market and reports of larger showlists this week pushed cattle futures lower today. Early gains were attributed to recent strength in boxed beef prices. At midday, choice and select cutouts were up 79 cents. June ended 30 cents lower at $79.60 and October fell 68 cents to $85.78.



Lean hog futures ended mostly lower on Tuesday. August futures fell to a new contract low amid disappointment over sluggish demand despite some strength in pork cutouts recently. Weakness in the stock market was a bearish factor as well. July ended 13 cents lower at $58.28 and August was 30 cents lower at $58.10.