Corn futures reacted badly to the USDA reports. The USDA released its Grain Stocks and Prospective Plantings reports at 11:00 AM CDT this morning, which sent corn prices lower. The stocks result easily topped forecasts, thereby depressing old crop prices, while the 2015 acreage figure seemed also far exceeded expectations and depressed new crop values. May corn futures fell 13.0 cents to $3.815/bushel late Tuesday morning, while December dropped 12.75 to $4.055.

The USDA data looked supportive for the soy complex. The USDA Grain Stocks report proved somewhat supportive of nearby soybeans since the stated March 1 total fell slightly short of industry expectations. The plantings data moderately bullish, because producers intentions also came in below anticipated levels. Soyoil futures diverged from the general advance, thereby seeming to reflect today’s crude and palm oil losses. May soybean futures bounced 7.0 cents to $9.7475/bushel just before lunchtime Tuesday, while May soyoil sank 0.21 cents 30.28 cents/pound, and May meal advanced $4.6 to $327.8/ton.

The wheat markets dropped in the wake of the reports. After rising strongly on weather concerns the previous two sessions, wheat futures dipped in pre-report trading. The losses grew afterward, despite the fact that the numbers matched or fell short of expectations. May CBOT wheat plunged 15.0 cents to $5.1525/bushel around midsession Tuesday, while May KC wheat tumbled 12.25 cents to $5.64/bushel, and May MWE wheat lost 15.5 to $5.7525.

Cattle futures continued turned lower late Tuesday morning. Despite last Friday’s big cash market rise, nearby April futures slipped at Monday’s close and remained weak this morning. Deferred futures continued their moderate Monday advance in early trading, but turned lower in late morning action. The reason for the drop was not obvious. April cattle futures sagged 0.62 cents at 161.87 cents/pound in late Tuesday morning action, while August cattle edged down 0.27 to 150.00 cents/pound. Meanwhile, April feeder cattle futures skidded 0.30 cents to 218.32 cents/pound, and August feeders slumped 0.35 to 218.55.

CME hogs built on Monday’s comeback. Although last Friday’s USDA Hogs & Pigs report implied the pork industry will be very well supplied during the coming weeks and months, Chicago swine prices have firmed in the wake of that news. Indeed, deferred futures lead the way higher after penetrating technical resistance at modestly higher levels. Talk of growing spot firmness may have abetted bullish interests. April hog futures climbed 0.77 cents to 62.07 cents/pound as the lunch hour loomed Tuesday, while June jumped 1.10 to 77.65.