Corn futures staged an impressive Tuesday comeback. The huge progress made by farmers planting corn last week weighed heavily upon prices Tuesday morning, with prices dipping to seven-month lows. However, the depressed nature of the market reportedly opened the door to a late-day rebound, which probably reflected the very real potential for a late spring-summer advance if/when weather forecasts turn dry. July corn futures bounded 1.5 cents to $3.6275/bushel as Tuesday’s CBPT pit session ended, while December added 1.25 to $3.79.   
The soy closed generally higher Tuesday. Persistent talk of improving Chinese demand for soybean oil, along with rallying crude oil futures, apparently powered vegetable oil values upward. That strength likely spilled over into the soybean pit, especially with traders reporting firm spot quotes. Meal eventually turned higher as well.  July soybean futures surged 8.5 cents to $9.8475/bushel at Tuesday’s close, while July soyoil
advanced 0.42 cents to 33.05 cents/pound, but July meal skidded $2.2 to $315.2/ton.   
Wheat markets remained under selling pressure. Not only did Monday’s Crop Progress report state spring wheat plantings far ahead of normal, it bumped winter wheat condition ratings up a notch after several weeks at unchanged levels. The resulting futures losses were likely exaggerated by a Russian official’s proposal to lift their export tariff on May 15. Prices bounced from early lows, but couldn’t climb back to unchanged levels. July CBOT wheat futures ended Tuesday having dropped 6.25 cents to $4.665/bushel, while July KC wheat fell 8.0 cents to $4.9025/bushel, and July MWE wheat sank 5.5 to $5.2475.   
Seasonal expectations are warring in the cattle pit. Cattle slaughter and beef supplies usually surge from March low to early-summer highs, but beef demand also reaches peak levels during that period. Those competing factors are apparently clashing in the cattle pit these days, with bulls seemingly having the upper hand for now as grocers aggressively buy beef for features over Memorial Day weekend. June live cattle futures climbed 0.72 cents to 151.45 cents/pound in late Tuesday action, while August cattle rallied 0.77 to 149.90. Meanwhile, May feeder cattle futures lifted 0.22 cents to 215.37 cents/pound, and August feeders surged 0.92 to 218.25.    
Rising pork prices took a turn supporting CME hogs Tuesday. The CME lean hog index, which futures cash-settle against, has been leaping upward lately. Ideas that the surge will continue are almost surely powering
persistent gains in CME futures, with today’s midsession pork gains likely encouraging bulls as well. Significant premiums already built into Chicago prices probably limited gains. June hog futures advanced 0.92 cents to 82.75 cents/pound at Tuesday’s settlement, while December dipped 0.37 to 69.47.       
New- and old-crop cotton futures diverged Tuesday. The May ICE cotton contract posted moderate gains as its expiration looms, with the minimal size of deliverable supplies also seeming to support most-active July
futures as well. Conversely, optimism about spring-summer growing conditions apparently weighed on deferred futures. July cotton rose 0.08 cents to 66.75 as Tuesday ICE session wound down, while December futures lost 0.17 to 66.49.