CME lean hog futures fell on profit taking and uncertain near-term domestic demand, but rallied from lows hit early as hog supplies tighten. April lean hogs closed off 50 at $93.70 and June finished down 57 to $103.
Live cattle futures settled weaker as traders took profits following all-time highs hit in many contracts Monday, April live cattle dropped 62 to $1.21, and May feeder cattle were off 72 at $1.37.
US wheat futures finished narrowly mixed as traders assess whether the markets have adequately factored in weather threats. May wheat in Chicago fell 3 3/4 to $7.86, May wheat in KC rose 2 to $9.50, and MGE May wheat gained 3/4 to $9.62.
US corn futures closed at an all-time high for the second consecutive day on strong demand. Demand remains robust in the face of limited stockpiles ahead of next fall's harvest. May corn jumped 6 1/2 to $7.66.
Soybean futures weakened at the Board, and Soy product futures ended lower, as well. May soybeans lost 10 ½ to close at 13.73, May soy oil ended 3 lower at 58.85, and May soy meal settled $3.40 lower at $353.60.
Even if demand is slowing, as a midday slump in cotton futures appeared to indicate, the market is shifting its attention to the crop going in the ground this month. May cotton gained 551 to $2.01, and December new crop surged to a contract high Tuesday of $1.39, up 167.
Gold futures surged to a record high Tuesday and silver hit a new 31-year peak Tuesday as investors' desire for safe havens trumped news of a Chinese interest rate increase. June gold rose $19.50 to a record $1,452.50 an ounce, and May silver closed at $39.18, up 68.9 cents
Global oil markets moved in two different directions Tuesday, with U.S.-traded contracts falling while European futures rose to fresh multi-year highs. May crude dropped 13 cents to $108.34 a barrel, May gasoline gained 3.25 cents to $3.20 a gallon, and May distillates rose 1.36 cents to $3.18 a gallon.
Natural-gas futures fell Tuesday for the third straight session in an end-of-day selloff amid forecasts for rising temperatures in major heat-consuming markets. May Natural gas fell 5.8 cents to $4.23
The markets were stuck in neutral as traders mulled minutes from the Fed pointing to moderate economic recovery, and a myriad of corporate news. The Dow lost 6 to finish the day at 12,393, the Nasdaq closed at 2,791, up 2, and the S&P 500 lost a fraction to close at 1,332.