Lean hog futures were higher on Tuesday. New contract and record highs were set in all months except for the April contract. Strength in the cash market and higher pork cutout values helped support the market. Pork cutouts were up 68 cents on Monday, the highest level since August 2010. June futures hit $104.15 during the session, a record high for any lean hog futures contract. April closed $1.00 higher at $93.60 and June ended 23 cents higher at $103.48.
Corn futures closed slightly higher on Tuesday. Spillover support from soybeans, continued rumors that China has purchased more U.S. corn and concern of potential spring wheat planting delays supported futures. Cool and wet weather in the Midwest is expected to be followed by more of the same over the next couple of weeks. However, gains were limited by positioning ahead of the Prospective Plantings and Grain Stocks report due out on Thursday morning. May ended 3/4 of a cent higher at $6.71 3/4 and December was 3 1/4 cents higher at $6.00 1/4.
Soybean futures were solidly lower on Tuesday. The market was supported by ideas that USDA's Prospective Plantings report could be bullish helped support the market. USDA will release new planting intentions and grain stocks estimates on Thursday morning. Harvest progress in parts of Brazil is being slowed by rainfall, which is also raising concern about flooding. However, drier and warmer weather in Argentina are helped to boost harvest activity there. May closed 13 cents higher at $13.61 1/2 and November was 12 1/4 cents higher at $13.54 1/4.