The weekly Export Inspections report undercut corn futures Tuesday. Corn futures had declined modestly prior to the midmorning release of the weekly Export Inspections report. That proved rather bearish, since the stated result, at 16.7 million bushels fell short of the forecast range (in the 28-32 million range). Prices declined more significantly thereafter. December corn futures slumped 2.5 cents to $4.3225/bushel at Tuesday’s close, while May slid 2.5 cents to $4.53.

Export news boosted the soy complex higher. The USDA announced sizeable sales of beans and oil this morning. Moreover, the weekly Export Inspections report implied strong bean sales last week. In addition, technical buying pushed soybean prices sharply higher after nearby futures pushed above major technical resistance. January soybean futures climbed 13.5 cents to $13.145/bushel in late-Tuesday trading, while December soyoil gained 0.33 cents to 40.75 cents/pound, and December soymeal added $5.6 to $427.7/ton.

The Export Inspections report seemingly disappointed wheat bulls. Although concurrent increases in corn and soy futures appeared to boost wheat futures in early Tuesday trading, prices later reversed to the downside. Corn slippage, as well as mediocre result on the Export Inspections report seemed to depress prices as well. December CBOT wheat futures closed 1.0 cent lower at $6.4525/bushel Tuesday, while December KCBT wheat futures moved down 3.0 cents to $7.0325, and December MWE futures sagged 3.25 to $7.0125.

Cattle traders posted a weak close. Traders were rather clearly hoping to see continued cash market gains later this week, especially if beef prices were to lead the way higher. However, futures turned lower around midsession, when preliminary wholesale quotes came in lower. December cattle futures settled 0.07 cents lower at 132.67 cents/pound in late Tuesday action, while April futures skidded 0.207to 135.00. Meanwhile, January feeder cattle bounced 0.02 cents to 164.20 cents/pound, but March feeders sank 0.12 cents to 164.20.

Tumbling hog prices depressed CME futures. Rising supplies seemed to weigh upon hog futures in Tuesday. Although the wholesale market proved surprisingly strong, large losses in country hog values appeared to send CME quotes sharply lower. December hog futures fell 0.85 cents to 87.20 cents/pound at their Tuesday settlement, while April dropped 0.72 to 93.32.

Tuesday’s cotton gains seemed technically driven. Little fresh cotton news became apparent today, which apparently caused ICE traders to copy their crop market counterparts and buy cautiously in early trading. Having December futures push above their 10-day moving average, which might signal a bullish technical reversal, probably powered the sustained advance posted later in the day. December cotton surged 0.91 cents to 77.88 cents/pound by late Tuesday afternoon, while March cotton inched up 0.02 cents to 78.22.