Corn futures closed mixed on Tuesday. Old-crop contracts were pressured by long-liquidation. However, new-crop was higher on planting delay concerns. USDA estimated the crop was 7% planted as of Sunday compared to the five-year average of 8%. Planting usually makes a sizable jump over the next couple of weeks, but weather forecast for the Midwest look very wet for the next week to ten days. May ended 2 3/4 cents lower at $7.49 while December was 7 3/4 cents higher at $6.76.
Soybean futures settled mixed on Tuesday. Front end months were pressured by reports that China has cancelled six to eight cargoes of soybeans this month for June and July delivery and about 20 cargoes have been deferred from July to September shipment. But new-crop futures were pulled higher by spillover support from new-corn and wheat futures. May closed 2 1/4 cents lower at $13.42 while November was 4 3/4 cents higher at $13.54.
Wheat futures traded strongly higher on Tuesday. Continued dry weather in the southern Plains and a further decline in crop condition ratings supported prices. Good to excellent ratings were 36%, well below the 69% rating at this time last year. Very poor to poor ratings increased to 38% of the crop. Weather forecasts only call for chances of light rain. On the other hand, spring wheat is being supported by wet conditions and planting delays in the northern Plains. The crop is 5% seeded compared to the five-year average of 12%. CBOT May was 10 3/4 cents higher at $7.85 3/4, KCBT May closed 30 cents higher at $9.26 and MGE May ended 29 cents higher at $9.43.
Cattle futures closed strongly higher on Tuesday. Sharp gains in choice beef prices helped push futures higher today. At midday, choice cutouts were up $2.49. Cash cattle were lower last week, but current expectations are for near steady trade this week. Strength in the stock market and weakness in the dollar also helped support futures trade. April ended $1.08 higher at $119.25 and June was $1.38 higher at $117.18.
Lean hog futures closed higher on Tuesday. Spillover support from cattle and outside markets helped push prices higher. The stock market traded higher while the dollar index was lower today. Pork prices were down slightly on Monday, but are still near the all-time high price set last August. Cash markets were steady to lower today. Cash markets are expected to be held up by tightening supplies of market ready hogs over the next few weeks. June ended 75 cents higher at $102.03 and July was 60 cents higher at $101.73.