China news probably supported corn Tuesday morning. Corn futures decline 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 2.0 cents to $4.065/bushel late Tuesday morning, while July dipped 1.75 to $4.2375.

The soy complex remains generally depressed. Early financial market losses, along with tumbling crude oil prices and the collapsing ruble weighed significantly on soybean and product futures last night as investors and traders worried about a global recession. The crude/equity rebound relieved some of the pressure, particularly on soyoil, but beans and meal were still struggling as the lunch hour loomed. January soybean futures tumbled 15.0 cents to $10.245/bushel around midsession Tuesday, while January soyoil fell 0.48 to 31.79 cents/pound, and January meal lost $7.2 to $358.2/ton.

The Russian situation continues powering 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 doubt his word, since golden grain prices built upon the overnight grain advance in early Tuesday morning action. March CBOT wheat jumped 8.5 cents to $6.275/bushel by late morning, while March KC wheat leapt 10.75 cents to $6.5775/bushel and March MWE wheat surged 7.25 to $6.3975.

Bearish demand ideas are depressing the cattle market. Despite the rebound from early lows posted by the energy and equity markets, cattle traders remain deeply concerned demand prospects for 2015. That is, the supply of fed cattle and beef will almost surely remain very tight, but CME futures continued their recent breakdown this morning. 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 is following cattle lower. The pessimism dominating the cattle and beef complex seemingly spilled over into hog and pork prices this morning. The losses were exaggerated by midsession news of a big breakdown in pork cutouts, which triggered strong CME selling. February hog futures plunged 1.47 cents to 81.80 cents/pound just before lunchtime Tuesday, while June hogs dove 1.22 cents to 90.02.

Cotton futures are also under pressure. Talk of domestic mill demand and technical considerations have supported cotton futures lately, but the fiber market has turned decidedly lower today. That’s not terribly surprising given the bearishness dominating the financial markets and current trader and investor pessimism about the global economic outlook. March cotton futures fell 0.71 cents to 59.94 cents/pound shortly after noon (EST) Tuesday, while the July contract dropped 0.79 to 61.07.