Corn futures seemed to suffer spillover losses from soybeans Tuesday night. The corn market bounced from technical support Tuesday, with a big assist from surging wheat prices. Wheat gains and talk of potential spring dryness in the U.S. and Black Sea appear to be boosting prices, but big losses in the soy complex seemed to depress yellow grain values overnight. May corn skidded 2.5 cents to $4.8075/bushel Tuesday night, while December slipped 2.75 to $4.785.

Talk of cancellations seemed to depress the soy complex. Little real soybean news emerged last night, but that didn’t deter traders from selling aggressively. Talk of potential Chinese cancellations of both U.S. and South American orders reportedly triggered the selling. The market was probably due for a setback in the wake of its big six-week rally, especially after May futures slipped below their 10-day moving average yesterday. May soybeans plunged 34.0 cents to $13.79/bushel early Wednesday morning, while May soyoil tumbled 0.65 cents to 43.10 cents/pound, and May soymeal dove $9.1 to $435.1/ton.

The wheat markets remained strong Wednesday morning. Wheat futures surged Tuesday and sustained those gains overnight, with traders seemingly focusing upon dryness in the U.S. Plains. They also appear concerned about reduced prospects for Crimean spring wheat plantings and, of course, upon the touchy political situation in the Black Sea region. May CBOT wheat futures gained 2.25 cents to $6.6125/bushel in early Wednesday morning trading, while May KCBT wheat futures rose 2.75 cents to $7.3125 and May MWE futures added 3.5 to $7.105.

Cattle futures rose modestly overnight. CME cattle prices have fluctuated around unchanged levels since plunging last Wednesday, which probably reflects industry uncertainty about short-term cash and wholesale prospects. However, beef prices have continued their March advance, so that may be encouraging bulls. April cattle futures rallied 0.20 cents to 143.42 cents/pound in pre-dawn Wednesday activity, while August bounced 0.07 cents to 134.10. Meanwhile, April feeder cattle edged up 0.12 cents to 175.70 cents/pound, and August rose 0.07 to 177.87.

Profit taking apparently entered the hog market last night. Hog futures continued their massive price spike Tuesday as cash and wholesale prices again led the way higher. However, large CME premiums and extremely overbought conditions seemingly triggered active selling last night. April hogs fell 1.37 cents to 115.72 cents/pound early Wednesday morning, while June dropped 1.40 to 123.55.

Outside influences may be weighing upon cotton futures. Although ICE cotton prices rose modestly Tuesday, they did not close well. That late weakness, as well as slumping equity index and diving soybean futures, apparently spurred additional selling last night. May cotton sank 0.72 cents to 90.93 cents/pound just after sunrise (EDT) Wednesday, while December cotton slid 0.54 to 79.35.