Bears had the upper hand in the corn market Wednesday. Tuesday’s surprising corn bounce was seemingly sparked by technical and pragmatic factors. However, traders still seem to regard the trend as bearish, especially with a record crop now harvested and occupying domestic silos. Thus, CBOT prices may face considerable resistance to rally attempts. December corn futures dipped 0.75 cent to $4.17/bushel at their Wednesday close, while May slid 1.25 to $4.335.

Resurgent oil prices seemingly supported beans Wednesday. Talk of bargain hunting and renewed optimism about global demand for Asian palm oil boosted soyoil prices Tuesday night. That strength spilled over into soybean futures in early trading, but traders seemed to react to weakness in country corn and bean prices later in the day. The meal situation seemingly remains tight, but that product is on the wrong side of crush spread at this point. January soybean futures edged 2.5 cents lower to $12.7375/bushel in late Wednesday action, while December soyoil rallied 0.33 cents to 40.32 cents/pound, and December soymeal skidded $1.9 to $407.0/ton.

News of a sizeable Egyptian purchase only provided temporary wheat support. The wheat markets bounced in response to news that a large Egyptian tender had included 110,000 tonnes of U.S. soft red winter wheat; that suggested American grain is now competitive in the global market. However, weak corn prices and talk that wheat feeding will suffer as a consequence reportedly contributed to the subsequent reversal. December CBOT wheat futures slumped 3.0 cents to $6.4725/bushel Wednesday afternoon, while December KCBT wheat futures lost 3.0 to $6.955, and December MWE futures were flat at $6.9775.

Cattle futures turned upward as Wednesday passed. Tumbling wholesale prices seemingly triggered the early-week breakdown in live cattle futures, since the beef losses suggested underlying demand was proving rather feeble. In contrast, the midday report stated choice cutout higher today, which apparently prompted renewed CME buying. December cattle futures closed up 0.10 cents to 131.05 Wednesday afternoon, while April futures bounced 0.45 to 132.67. Meanwhile, January feeder cattle moved up 0.35 cents to 162.75 cents/pound, and March feeders gained 0.52 cents to 163.17.

Last week’s modest weight increase probably sparked CME hog buying. Spiking hog weights have depressed hog futures lately, since the increases suggested the supply of market-ready animals was plentiful. But the latest weight report indicated a very modest seasonal rise last week, which very likely supported CME swine prices and ultimately triggered the late jump. December hog futures jumped 0.83 cents to 86.25 cents/pound Wednesday afternoon, while April surged 0.85 to 93.60.

Chinese news sparked cotton strength Wednesday. Reports that the current Chinese cotton crop is falling short of USDA projections, as well as a delay of an announcement concerning anticipated government cotton sales supported ICE futures today. Long position rolling apparently undercut the expiring December contract and supported its 2014 counterparts. December cotton tumbled 0.25 cents to 75.63 cents/pound at its Wednesday settlement, while March cotton surged 0.58 to 78.14.