Fresh demand concerns weighed on corn futures Tuesday. Monday’s disappointing result on the Export Inspections report seemingly triggered fears of persistently poor demand from global customers today. The fact that a big South Korean firm is apparently doing business in the European market, whereas they routinely buy from the U.S., also seemed ominous. May corn futures fell 8.0 cents to $3.71/bushel at their Tuesday close, while December lost 7.5 to $3.9675.

The soy complex moved unanimously lower. Talk of South America’s huge harvest, falling equity and energy markets and a sizeable increase in U.S. plantings this spring appeared to drag soybean and product futures lower Tuesday. Losses in the energy and vegoil sectors continue depressing soyoil quotes, while optimism about meal demand seemingly faded as the day passed. May soybean futures tumbled 14.75 cents to $9.545/bushel as Tuesday’s CBOT session ended, while May soyoil dropped 0.35 cents to 30.04 cents/pound, and May meal slid $6.2 to $317.5/ton.

Wheat bulls couldn’t sustain early-week gains. Talk of potential dryness in the southern Plains and in Russia boosted the wheat markets through Monday night trading. However, reports of improved chances of rain over the U.S. southern Plains this week seemed to stall the rally. Also, the May CBOT contract apparently failed at moving average resistance this morning, which spurred technical selling. May CBOT wheat slumped 10.5 cents to $5.035/bushel in late Tuesday trading, while May KC wheat sank 12.25 cents to $5.4275/bushel, and May MWE wheat dipped 11.25 to $5.6975.

Cattle futures likely reflected wholesale strength. Discounts built into live cattle futures reflect general pessimism about the spring-summer outlook. However, the cash and wholesale markets are proving quite firm, as exemplified by big beef gains at midsession. Nearby futures rose modestly as a result. April cattle futures ended Tuesday having bounced 0.37 cents to 153.57 cents/pound, while August cattle rallied 0.27 cents to 143.55 cents/pound. Meanwhile, April feeder cattle futures fell 0.85 cents lower to 211.57 cents/pound, and August feeders stumbled 0.27 to 209.97.

CME hogs traded in mixed fashion Tuesday. Monday’s late reports indicated mixed cash and wholesale action yesterday, which apparently left CME hog traders looking for direction this morning. Hog slaughter and pork production remain very large for this time of year, but demand is expected to surge during the coming weeks. Today’s general spot market slippage clearly hampered bullish efforts. April hog futures slipped 0.42 cents to 61.77 cents/pound as Tuesday’s CME pit session concluded, while June hogs skidded 0.45 to 75.80.