Corn remained weak Tuesday morning. Corn futures have persistently tracked wheat futures lately and remained weak along with the KC and Minneapolis markets this morning. Today’s U.S. dollar rebound is also keeping pressure on prices (due to concerns about the implicit increase in the international cost in dollar terms). Technical factors also seem to be working against bulls. May corn futures slid 1.0 cents to $3.84/bushel as the lunch hour loomed Tuesday, while December dipped 0.5 to $4.0925.  

The soy complex is trading unanimously lower. News of a big U.S. soybeansale for 2015/16 delivery and a fire-related blockage at Brazil’s port of Santos seemed supportive of the soybean and product markets this morning. But those apparently did not offset the bearish impact of today’s sizeable U.S. dollar advance. Palm oil prices weakness is apparently weighing on soyoil quotes as well. May soybean futures sank 5.25 cents to $9.7325/bushel late Tuesday morning, while May soyoil sagged 0.18 cents to 31.08 cents/pound, and May meal dropped $2.6 to $320.4/ton.  

Russian talk may be boosting the wheat markets. Forecasts for the improved precipitation over the central U.S. and in the Black Sea region undercut wheat futures Monday night, Monday’s apparent failure at chart resistance and today’s U.S. dollar strength are also encouraging bears. However, the futures market bounced around midsession, which may represent a speculative reaction to morning confirmation of Russia’s commitment to its wheat export tariff.  May CBOT wheat climbed 5.75 cents to $5.335/bushel in late Tuesday morning trading, while May KC wheat gained 0.5 cent to $5.725/bushel, and May MWE wheat inched up 2.75 to $5.925.  

Seasonal expectations continue weighing on cattle futures. Despite persistent early spring strength in the cash cattle and beef markets, cattle futures have performed poorly to start this week. Those losses almost surely reflect industry expectations for a big late spring-early summer breakdown, which is common at that time. On the other hand, futures bounced from early lows. June cattle futures skidded 0.07 cents to 151.67 cents/pound just before lunchtime Tuesday, while August cattle edged 0.07 lower to 148.22 cents/pound. Meanwhile, May feeder cattle futures dove 1.95 cents to 214.92 cents/pound, and August feeders tumbled 1.60 to 216.15.   

Talk of cash weakness may be weighing on CME hogs. As expected, Monday afternoon reports of cash strength boosted hog futures on the today’s opening, but bulls couldn’t sustain the upward momentum. That probably reflects talk of fresh country market slippage, since the midsession pork quotes proved quite firm. June hog futures slipped 0.17 cents to 76.37 cents/pound around midsession Tuesday, while December fell 0.40 to 67.07.   

Cotton is extending Monday’s big rally. A combination of supportive production news out of India, spillover equity market strength and a bullish analyst report powered sizeable cotton gains Monday. The first USDA crop condition report indicated laggardly cotton plantings and may be spurring additional buying, but technical resistance and U.S. dollar strength are probably limiting gains. May cotton rallied 0.61 cents to 65.95 cents/pound just after noon (EDT) Tuesday, while December futures moved up 0.28 to 65.20.