Lean hog futures were mostly lower on Tuesday. Ideas that pork exports have slowed and that South Korea's large purchases of U.S. pork may be done weighed on futures. Pork prices turned slightly lower on Monday and cash prices were mostly steady today. Most packers have needs covering for the week, so there is not much chance that cash prices will improve the next couple of days. April closed 70 cents lower at $88.10 and June was 28 cents lower at $99.93.
Corn futures trading mixed on Tuesday. Fund buying helped push old-crop contracts higher late in the session while new-crop months stayed lower. Old-crop fundamentals remain generally bullish. Strong demand and use of ethanol are expected to make ending stock very tight this marketing year. Even with an increase in acreage, projections points to tight ending stocks again next year so new-crop prices will need to complete for acreage. May closed 4 3/4 cents higher at $7.27 1/4 while December was 2 cents lower at $6.04 3/4.
Soybean futures closed higher on Tuesday. The market was volatile today, but late fund buying helped push futures higher into the close. Gains were limited and prices were pressured at times today as Argentina's soybean crop production estimates are increasing and weather conditions are improving for harvest activity. Brazil is expecting a large crop, but rainfall is disrupting some harvest activity. May ended 10 1/2 cents higher at $13.75 1/4 and November was 3 1/2 cents higher at $13.28 1/4.