Lean hog futures were sharply lower on Tuesday. The market was pressured by fund selling and concern about lower pork prices. Pork prices were lower on Monday and there is concern that near record high cutout values and high gasoline prices will hurt domestic demand. June closed $1.43 lower at $97.10 and July was $1.43 lower at $97.83.
Soybean futures traded lower on Tuesday. The market was pressured by concerns that China will raise its interest rates in an effort to slow inflation. China has already cancelled some export shipments from the U.S. and global demand is shifting to the newly harvested South American crop. New-crop soybeans were lower on ideas that corn planting delays could lead to additional soybean acres. May fell 6 3/4 cents to $13.82 3/4 and November was 7 3/4 cents lower at $13.74 3/4.
Corn futures closed mixed on Tuesday. Old-crop contracts turned higher today while new-crop months ended lower on profit-taking from recent gains. Some support for new-crop came from reports that the EPA is not planning to change the biofuel mandate. New-crop was lower despite planting delays and more wet weather in the southern and eastern Corn Belt. Planting as of Sunday was only 9% complete, down from the five-year average of 23% and the 46% planted at this time last year. May ended 3 3/4 cents higher at $7.66 1/4 while December was 5 3/4 cents lower at $6.75 3/4.