Soybeans seem to lead the crop markets higher again Tuesday night. Little fresh corn news emerged overnight, but yellow grain prices rebounded from afternoon lows. Reports of surprisingly tight Asian palm oil supplies and a bullish price response seemingly spurred gains in soyoil and beans, thereby supporting grain prices as well. December corn futures rallied 3.25 cents to $3.6775/bushel early Wednesday morning, while May added 3.25 to $3.90.

Palm oil news apparently encouraged soy market bulls. Soybean and product prices proved surprisingly firm Tuesday night, then moved higher in response to supportive Malaysian and Indonesian news about the palm oil outlook. Beans and oil rose strongly, while meal proved surprisingly strong as well. Overnight crude oil gains may also have offered support. November soybean futures advanced 6.75 cents to $10.1475/bushel in early Wednesday action, while December soyoil leapt 0.55 cents to 33.44 cents/pound, and December soymeal ran up $6.0 to $381.1/ton.

The wheat markets also rallied. Bulls in the wheat pits may be reacting to talk that Black Sea wheat isn’t doing well and needs improved weather to prepare for winter. However, it seemed rather clear that the soy and corn strength were again spilling over into the wheat markets. December CBOT wheat gained 3.5 cents to $5.3425/bushel Tuesday night, while December KC wheat edged up 1.0 cent to $6.03/bushel, and December MWE wheat rose 2.25 to $5.79.

Surging beef prices failed to spur cattle gains Tuesday. Cattle futures moved generally lower yesterday despite a midsession leap in beef quotes. This suggests underlying industry concerns about the late-2014 outlook, since turkeys and hams are likely to dominate the meat case and ads during the holiday season. We tend to expect a weak opening again this morning. December live cattle futures slipped 0.05 cents to 167.77 cents/pound at Tuesday’s pit session close, while April futures slid 0.50 to 165.77. Meanwhile, November feeder cattle futures fell 1.15 cents to 233.65 cents/pound, and January feeders sagged 0.40 cents to 229.05.

Hopes of improving conditions apparently spurred CME hog buying Tuesday. The cash hog and wholesale pork markets remained weak at midsession Tuesday, but hog futures performed surprisingly well. Wire service reports suggested traders hope hog supplies will be relatively tight and recent price weakness will spark renewed buying. Late afternoon trading suggested a firm opening this morning, although the weekly report on IA-So. MN weights could change that. December hog futures vaulted 1.15 cents to 90.20 cents/pound at Tuesday’s CME settlement, while April hogs surged 1.25 to 89.55.

Cotton futures are mixed once again. Tuesday’s big equity surge apparently spilled over into ICE cotton futures, with the bullish momentum keeping the nearby December future moving higher overnight. Concurrent soy and grain gains probably didn’t hurt the bullish cause, although deferred futures struggled. Pertinent cotton news is still scarce. December cotton futures climbed 0.32 cents to 64.79 cents/pound around dawn Wednesday, while March futures inched up 0.04 cent to 62.88.