Lean hog futures posted strong losses in most contracts on Tuesday. The nearby April contract was supported by firm cash markets, but all deferred months were lower. The general sell-off in commodities weighed on hogs. Commodities were pressured by weakness in crude oil amid news that Libya's Gadhafi has accepted a cease fire plan. In addition, rising concern about a nuclear disaster in Japan and a report from Goldman Sachs that commodity prices could work lower trigged the sell-off. April closed 20 cents higher at $93.45 while June was $1.70 higher at $99.35.
Corn futures traded strongly lower on Tuesday. A broad-based commodity sell-off was driven in part by reports that Libya's Gadhafi had accepted a cease fire plan and on renewed concerns about a nuclear disaster in Japan. Traders were spooked by a report from Goldman Sachs warning that commodity prices could fall further. Crude oil was sharply lower and traded near $4 lower much of the day. New-crop futures have been pulled lower as well despite forecasts for cool and wet Midwest weather that could lead to planting delays. May closed 23 1/2 cents lower at $7.52 1/2 and December was 20 3/4 cents lower at $6.36 1/2.
Soybean futures closed sharply lower on Tuesday. Commodity markets were strongly lower across the board today. Crude oil led the decline on reports that Libya's Gadhafi had accepted a cease fire plan. Also, Japan escalated the severity of the nuclear crisis. Underlying concerns remains ideas that China could cancel some sales from the U.S. and rising South American soybean production estimates. May ended 38 3/4 cents lower at $13.29 3/4 and November was 36 cents lower at $13.44 1/4.