Lean hog futures traded higher on Tuesday. Futures were supported by firm pork cutouts prices on Monday and ideas that tightening supplies of market ready hogs will support the cash market. Cash prices in the Midwest were steady to higher today as market ready hog supplies are tightening. However, further gains in the cash market are expected to be limited by poor packer margins. June ended 83 cents higher at $93.48 and August was 63 cents higher at $94.90.
Corn futures closed lower on Tuesday. Futures were higher much of the session, but prices turned lower on profit-taking and position evening ahead of the USDA Supply/Demand report due out Wednesday morning. National average planting progress was above trade expectations last week at 40% complete. However, planting delays continue in the eastern Corn Belt and more rain is expected this week. July ended 1/4 of a cent lower at $7.07 1/4 and December was 4 3/4 cents lower at $6.52 3/4.
Soybean futures were higher on Tuesday, although gains were trimmed into the close. Speculative buying supported the market as equity and crude oil futures are higher and the dollar index was lower today. USDA estimated soybean planting progress at 7% complete, well below the five-year average of 17%. Further gains are being limited by some traders being cautious ahead of the USDA Supply/Demand report due out on Wednesday morning. July closed 3 cents higher at $13.38 and November was 3 cents higher at $13.22 1/2.