Lean hog futures settled steady to lower on Tuesday. The market rallied to record highs early in the session before turning lower. Weakness throughout the agricultural commodity markets spilled over into hogs. The rise in crude oil prices following the political unrest in Libya weighed on the stock market and raised concerns about the economy. The April contract held steady with support from the cash market and pork cutouts at the highest level in 5 months. April closed unchanged at $92.28 and June was 38 cents lower at $102.40.
Corn futures traded limit lower on Tuesday. The market was pressured by long-liquidation amid political turmoil in the Middle East and North Africa. Unrest in Libya has shaken the commodity markets and pushed crude oil futures sharply higher. Expectations that USDA will release a big corn acreage number at the Outlook Forum later this week was also a bearish factor. March was down the 30 cent limit at $6.79 3/4 and December ended 30 cents lower at $5.82 1/2.
Soybean futures were strongly lower on Tuesday with front end contracts down the 70 cent limit. Long liquidation pressured prices as traders are nervous about the growing political turmoil in the Middle East and North Africa. Increased production estimates in South America and Chinese demand shifting away from the U.S. were also bearish factors. March closed 70 cents lower at $12.98 and November ended 68 3/4 cents lower at $12.74 1/4.