Corn futures were mixed Tuesday night. Although yesterday’s USDA reports implied record U.S. corn yields and total harvest, those figures actually fell short of private forecasts. That’s one reason why futures closed higher Tuesday and remained firm to mixed overnight. Talk that Chinese problems won’t materially reduce their domestic glut seemingly limited overnight gains. September corn rose 0.5 cent to $3.59/bushel in early Wednesday action, while December gained 0.25 to $3.6925.

Talk of demand strength may be supporting beans and meal. Tuesday’s USDA reports were generally bearish for the soy complex, since they implied record-smashing U.S. soybean yields and production this fall. The Asian palm glut also continues weighing on soyoil prices. However, beans and meal bounced last night; traders once again cited talk of vigorous global demand, with China likely leading the way once again. September soybean futures bounced 5.5 cents to $10.9975/bushel Tuesday night, while November futures edged up 1.75 cents to $10.6125. September soyoil slid 0.10 cents to 34.54 cents/pound, and September soymeal advanced $3.8 to $369.0/ton.

The wheat markets rebounded modestly last night. The USDA’s prediction for global wheat stocks at the end of the 2014/15 crop year topped industry expectations, which was a major reason for Tuesday’s price losses. Futures bounced somewhat overnight, which seemed to reflect technical and pragmatic factors rather than fundamental factors. September CBOT wheat climbed 4.25cents to $5.4225/bushel early Wednesday morning, while September KC wheat ran up 4.0 cents to $6.1715/bushel, and September MWE wheat added 3.75 to $6.1275.

Bearish seasonal expectations seem to be depressing cattle futures. CME cattle prices seemed to be dragged downward by the ongoing breakdown in hog and pork prices yesterday, despite the fact that beef cutout values were mixed. Ultimately, ideas that the cattle/beef complex is seasonally vulnerable seem to be spurring active selling in the Chicago pit. October live cattle futures dropped 0.32 cents to 147.35 as Wednesday dawned over Chicago, while December futures stumbled 0.02 cents to 148.72 cents/pound. Meanwhile, September feeder futures dove 2.05 cents to 212.60 cents/pound and November futures plunged 2.50 to 210.55.

Big pork losses kept hogs under pressure Tuesday night. Pork values plummeted again Tuesday, which translated into sizeable cash market losses as well. Industry forecasts for a big increase in hog slaughter this week isn’t encouraging bulls, although the fall contracts did bounce significantly from overnight lows. October hog futures sank 0.35 cents to 96.82 cents/pound in early Wednesday trading, while December tumbled 0.42 cents to 86.87.

Cotton futures staged a modest comeback from Tuesday’s losses. Tuesday’s USDA reports were seen as bearish for ICE cotton futures, since the 2014/15 domestic data topped forecasts. However, the USDA cut its 2013/14 crop estimate and boosted projections for global demand. That’s probably why futures declined only slightly yesterday and bounced overnight. December cotton slid lifted 0.47 cents to 63.84 shortly after sunrise Wednesday, while March futures moved up 0.48 cents to 64.70.