Lean hog futures were strongly higher on Tuesday. Outside market support and talk of higher pork prices this week helped the market rally. Strength in the stock market and weakness in crude oil helped ease concerns of a slower global and U.S. economic growth. Cash hogs were mostly steady today with most packers have needs covered through late this week. April closed $2.73 higher at $89.13 and June was $2.20 higher at $101.68.
Corn futures closed lower on Tuesday. The market was lower for the third consecutive day amid technical selling and strength in the dollar. Crude oil was lower today, which can be seen as a bearish influence because it could weigh on ethanol prices. The new-crop December contract was slightly lower and other new-crop months were higher on the need to compete for acreage this spring. On Thursday morning, USDA will release a new Supply/Demand report. May ended 12 cents lower at $6.98 3/4 and December was 1/2 of a cent lower at $6.10.
Soybean futures traded lower on Tuesday. Prices were pressured by concern that high crude oil prices will slow the economy and hurt demand for soybeans. Improved soybean crop prospects for South America also weighed on the market. USDA will issue a new Supply/Demand report on Thursday morning. Trade expectations are for USDA to slightly raise the U.S. ending stocks estimate, which would be the first time in 11 months. May closed 13 cents lower at $13.82 and November was 8 3/4 cents lower at $13.46.