Corn futures continued their post-report decline Tuesday. Although Monday’s Acreage report seemed supportive of new-crop corn futures, the June 1 Grain Stocks result easily topped expectations and sent the whole complex lower. Having the weekly Crop Progress report depict another very high condition rating for U.S. corn also depressed prices. Thus, the late rebound was rather impressive. September corn closed down just 2.75 cents at $4.16/bushel Tuesday, while December lost 2.5 to $4.2275.

The soy complex firmed in late-Tuesday trading. New-crop soy contracts led the whole complex lower this morning after the USDA stated planted acreage at a record high Monday. Relatively large stocks also weighed on the nearby contracts, whereas oil prices posted a surprising bounce. The late-session rebound from early lows suggests significant underlying strength. August soybeans dipped 2.0 cents to $13.2775/bushel as the CBOT pit session ended Tuesday, while August soyoil gained 0.02 cents to 38.97 cents/pound, and August soymeal skidded $0.7 to $430.0/ton.

The wheat markets also remained under pressure. The quarterly Grain Stocks report was somewhat supportive of wheat futures, but both winter and spring wheat readings on the Acreage report apparently spurred widespread selling. News that U.S. wheat was shut out of a big Egyptian tender reemphasized the bearish global situation as well. September CBOT wheat futures sank 5.0 cents to $5.725/bushel at their Tuesday settlement, while September KCBT wheat tumbled 11.5 cents to $6.8875, and September MWE futures dropped 6.75 to $6.7025.

Resurgent beef prices boosted cattle futures. Traders recently suspected late-June gains in cash cattle and wholesale prices had run their course and the complex was due for a seasonal setback. Futures suffered accordingly, but reversed sharply today in response to beef gains Monday afternoon and again at midday. August cattle surged 1.42 cents to 151.50 cents/pound at their Tuesday close, while December jumped 1.65 to 155.37. Meanwhile, August and October feeder cattle leapt the 3.0-cent daily limit to 215.77 and 217.27 cents/pound, respectively.

Hog futures turned mixed Tuesday. The quarterly Hogs & Pigs report was clearly bullish for the hog outlook and futures reacted accordingly on Monday. However, the nearby contracts failed at fresh highs today, due in part to surprising cash weakness on the midday reports. Fall-winter futures continued rising in response to the H&P data. August hog futures plunged 2.40 cents to 130.42 cents/pound as Tuesday’s pit session wound down, but December closed 1.25 cents higher at 99.85.