Lean hog futures closed higher on Tuesday. Strength in pork prices yesterday that pushed cutout values to new all-time highs and firm cash markets were supportive for trade. However, gains were limited by concern that pork prices will soon be topping, outside market pressure and spillover pressure from cattle. June ended 28 cents higher at $93.88 and August was 48 cents higher at $93.90.
Corn futures closed strongly higher on Tuesday. Planting delays and forecast calling for more cool and wet weather supported futures trade. Corn planting progress as of May 15 was 63%, well below the ten-year average of 77% and the fifth slowest in the last 26 years. The delays are mostly a problem in the northern Plains and eastern Corn Belt. Planting last week for North Dakota was 14% and Ohio was only at 7%. The dollar index turned lower during the session, which helped corn extend the gains. July ended 22 3/4 cents higher at $7.20 1/4 and December was 17 3/4 cents higher at $6.53 1/4.
Soybean futures settled higher on Tuesday. The market was choppy today, but turned higher into the close on spillover support from corn and slow soybean planting progress. Forecasts call for more rain in the eastern Corn Belt, which will further delay planting, and flooding in the south will take out some acreage. USDA estimated planting at 22% complete as of Sunday, well below the ten-year average of 34%. July closed 14 1/2 cents higher at $13.41 and November was 14 1/4 cents higher at $13.20 1/2.