Grains

Corn jumped by nearly 3-percent with the May contract settling 14 cents higher at $5.94 1/4 a bushel. A government report that showed corn plantings at less than half of what they were at this time last year- sent the market significantly higher. The planting delays have occurred due to non-ideal weather conditions in the Midwest.

Currently, the amounted of corn seeded (planted) is only at 4 percent. According to the Department of Agriculture, the five-year average for corn planted by this time in April is 17 percent.

In Iowa, the largest corn-producing state, none of the crop has been planted. In Illinois only 1 percent was seeded, compared with a five-year average of 29 percent, the U.S. Department of Agriculture reported.

Soybeans climbed 4.5-percent higher with the May contract settling 59 1/4 cents higher at $13.74 3/4 a bushel. Strong global demand in the midst of tight supplies continues to send prices significantly higher. The U.S. Department of Agriculture said that 19.7 million bushels of soybeans were inspected for export in the week ended April 17. Exports came in 22 percent higher than the previous week.

Rice settled limit-up, with the May contract closing 50 cents higher at $23.85 per hundredweight. Rice has doubled in price over the past year.

July wheat settled 6 1/2 cents higher at $8.66 per bushel, May oats settled 7 cents higher at $3.79 a bushel, July soy-meal settled $18.40 higher at $359.70 per short ton, and July soy-oil settled 198 points higher at 61.70 cents per pound.

Softs

Coffee jumped 3-percent higher, with the May contract settling 3.9 cents higher at $1.3530 a pound.

Cocoa continued higher Tuesday, with the July contract settling $81 higher at $2,751 a metric ton. Political unrest in Nigeria combined with the falling U.S. dollar sent cocoa higher. Cocoa futures have soared 25-percent over the past 2-weeks.

May orange juice settled 200 points higher at $1.1500 a pound, May sugar settled 30 points higher at 12.13 cents a pound, and July cotton settled 140 points higher at 74.75 cents a pound.

Meats

Cattle futures settled higher, with April live cattle closing 80 points higher at 90.825 cents a pound. Climbing boxed beef prices amid stronger demand was noted for much of the rally in cattle market today. April feeder cattle settled 15 points higher at 101.700 cents a pound.

The U.S. Department of Agriculture's mid-day boxed-beef wire today reported choice cuts jumped .74 cents a pound and select items were .50 cents a pound higher.

Hog futures closed mixed on the session with June lean hogs settling 70 points higher at 73.67 cents a pound and May pork bellies settled 107 points lower at 74.70 cents.

Energy

Crude oil came within 10 cents of $120 with the May contract settling $1.89 higher at $119.37 a barrel. Supply concerns from Nigeria, a fresh record low for the greenback against the euro and strong precious metals were noted for today's record level.

Crude production in Nigeria, the third largest exporter to the U.S., was stifled again after rebels attacked two oil pipelines on Monday. Royal Dutch Shell PLC has been unable to gain access to the pipelines, which feed into a key export terminal.

May heating oil settled .88 cent higher at $3.3202 a gallon, May RBOB gasoline settled about 2.59 cents higher at $3.02 a gallon, and May natural gas settled 8.2 cents lower at $10.52 per 1,000 cubic feet.

Metals

Gold closed modestly higher with the June contract settling $7.60 higher at $925.20 an ounce. Strength in the energy complex and a fresh all-time low in the value of the U.S. dollar versus the Euro, continues to increase demand for precious metals as a hedge against inflation.

Copper climbed nearly 3-percent, with the may contract settling 10 cents higher at $3.97 an ounce. Chilean labor disputes and fears of spreading strikes were noted for much of today's rally in copper.

Codelco, which accounts for 20-percent of global copper reserves, tentatively closed down its Andina, Salvador, and El Teniente divisions due to safety concerns.

May silver settled 35 cents higher at $17.71 an ounce, July platinum settled $10.10 higher at $2,037.40 an ounce and June palladium settled 90 cents higher at $463.40 an ounce.

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