Corn futures rebounded Wednesday. The USDA Grain Stocks and Prospective Plantings reports sent corn prices tumbling Tuesday, but the market firmed overnight. Prices staged a moderate recovery this afternoon, with sentiment surging after the weekly EIA energy report stated domestic ethanol stocks at their lowest level since early January. May corn futures closed 5.5 cents higher at $3.8175/bushel Wednesday, while December moved up 6.0 to $4.0675.

The soy complex built on Tuesday’s post-report gains. The USDA reports were interpreted as moderately bullish for the soybean and product markets, although concurrent crude and palm oil losses weighed on soyoil futures. The actual size of yesterday’s gains seemed rather modest, which may explain the belated bullish soybean response seen today. The bullish energy complex reaction to the EIA data probably boosted soyoil as well. May soybean futures jumped 16.5 cents to $9.8925/bushel at Wednesday’s CBOT close, while May soyoil ran up 0.30 cents 30.69 cents/pound, and May meal rose $5.1 to $331.9/ton.

The wheat markets rebounded from Tuesday’s dive. Wheat futures’ reaction to Tuesday’s USDA reports was most surprising, since prices dropped on what was generally seen as supportive news. Traders cited spillover selling from the corn market for much of the weakness. Given those losses, it wasn’t very surprising to see the wheat markets take back the bulk of those losses today. May CBOT wheat surged 16.75 cents to $5.285/bushel in late Wednesday trading, while May KC wheat climbed 12.75 cents to $5.72/bushel, and May MWE wheat rallied 14.5 to $5.905.

Cattle futures turned mixed in late trading. Last Friday’s cash cattle strength was followed by a big jump in Tuesday afternoon beef quotes. The latter news almost surely powered today’s early CME gains. However, futures again proved surprisingly weak, with most 2015 contracts falling below unchanged levels later in the day. The expiring April contract rose late in the day, but traders apparently expecting sizeable seasonal losses kept pressure upon the deferreds. June cattle futures slipped 0.10 cents to 152.22 cents/pound as Wednesday’s CME pit session ended, while August cattle sagged 0.32 to 149.17 cents/pound. Meanwhile, May feeder cattle futures slid 0.25 cents to 216.65 cents/pound, and August feeders sank 0.35 to 217.92.

CME hogs traded firmly again Wednesday. Recent news from the cash hog and wholesale pork markets has proven generally mixed, with few sizeable shifts in either direction. However, after having suffered omnipresent losses since last summer, deeply depressed hog futures have refused to keep dropping lately. Traders are very likely anticipating a big second quarter rally. June hog futures settled 0.45 cents higher at 76.25 cents/pound Wednesday, while December advanced 0.87 to 66.97.