China news probably supported corn Tuesday. Corn futures declined in concert with financial markets Monday night as the diving Russian ruble and depressed financial markets reflected growing concern about a global recession. However, early morning confirmation that China is lifting its ban on Syngenta’s Viptera GMO corn sparked fresh optimism about U.S. export prospects, thereby limiting CBOT losses. March corn futures slid 2.5 cents to $4.06/bushel in late Tuesday trading, while July dipped 1.5 to $4.21.

The soy complex remained generally depressed. Early financial market losses, along with tumbling crude oil prices and the collapsing ruble, weighed significantly on soybean and product futures Tuesday as investors and traders worried about a global recession. The late morning crude/equity rebound relieved some of the pressure, particularly on soyoil, but futures continued struggling through the CBOT close. January soybean futures ended Tuesday having tumbled 16.0 cents to $10.235/bushel, while January soyoil fell 0.50 to 31.77 cents/pound, and January meal dove $8.8 to $356.0/ton.

The Russian situation powered Tuesday’s wheat gains. Russia’s ag minister stated overnight that the Putin regime will use an aggressive stock replenishment program to deal with its domestic wheat situation and disavowed talk of restrictions on exports. Wheat traders rather obviously doubted his word, since golden grain prices sustained overnight grain throughout Tuesday’s trading session. March CBOT wheat climbed 4.25 cents to $6.2325/bushel by late morning, while March KC wheat leapt surged 7.75 cents to $6.5475/bushel and March MWE wheat moved up 1.75 to $6.3425.

Bearish demand ideas sent the cattle market tumbling. Despite the rebound from early lows posted by the energy and equity markets, cattle traders clearly remained deeply concerned about demand prospects for 2015. That is, the supply of fed cattle and beef will almost surely remain very tight, but diving CME futures continued their recent breakdown anyway. February live cattle crashed the daily 3.00-cent limit to 158.75 cents/pound shortly after today’s opening, which April futures quickly matched, falling to 158.10. January and March feeder cattle futures again plummeted the 3.00-cent daily limit to 219.60 and 215.25 cents/pound, respectively.

The hog and pork complex followed cattle lower. The pessimism dominating the cattle and beef complex apparently spilled over into hog and pork prices today. The CME losses were exaggerated by midsession news of a big breakdown in pork cutouts, which traders seemingly construed as another signal of weak red meat demand. February hog futures plunged 1.60 cents to 81.67 cents/pound as Tuesday’s CME ended, while June hogs dove 1.10 cents to 90.15.