Lean hog futures traded mostly higher on Tuesday. Futures were supported by strength in the cash market and firm pork cutout prices on Monday. Seasonally tightening of hog supplies and strong demand remain supportive factors. Japan is expected to need to import even more pork than usual to help rebuild food stocks following the earthquake and tsunami. April was $1.30 higher at $89.70 and June was 48 cents higher at $101.45.
Corn futures closed slightly higher on Tuesday. After trading lower much of the day, futures were able to turn higher at the close. Old-crop contract were pressured by the lack of confirmation of export sales to China. Rumors of export business with China had been supportive the past couple of trading sessions. USDA reported a corn sale yesterday to an "unknown destination", but it was still not certain if that was China or some other country. New-crop months were supported slightly on positioning ahead of the Prospective Plantings report next week. May closed 1/4 of a cent higher at $6.86 3/4 and December was 2 3/4 cents higher at $6.12 1/4.
Soybean futures traded mixed on Tuesday. Old-crop futures turned higher late in the session in conjunction with the corn market on fund buying. Futures were pressured most of the day be the lack of supportive news. Large soybean crops are expected in Brazil and Argentina and increasing harvest progress in South America will limit U.S. export demand. However, heavy rainfall has caused flooding and slowed harvest progress in parts of Brazil. May closed 2 1/2 cents higher at $13.65 1/2 while November was 1 cent lower at $13.44.