Corn stabilized on supportive news Wednesday. The USDA’s daily reporting system indicated that U.S. firms had sold 196,000 tonnes of corn to Mexico for delivery next year. Also, a prominent U.S. forecaster cut both its Brazilian and Argentine corn production forecasts. Those developments seemingly offset the weather and currency driven losses suffered in Tuesday night action. March corn futures closed up 0.75 cent at $3.82/bushel Wednesday, while July added 0.75 to $3.975.

Soyoil gains seemed to boost beans in late Wednesday action. Benign South American forecasts are improving production prospects in Brazil and Argentina, which undercut the U.S. soy market early this week. The concurrent U.S. dollar advance is likely hurting as well. However, crude oil strength boosted the soyoil market, which, along with technical support, appeared to boost the bean market late in the day. January soybean futures closed 2.5 cents higher at $9.9825/bushel Wednesday, while January soyoil surged 0.66 cents to 31.94 cents/pound, but January meal sagged $4.1 to $353.8/ton.

Having US wheat shut out of another Egyptian tender pressured futures. American wheat was once again shut out of the latest tender from Egypt. In addition, news that Russian officials made a huge purchase in a domestic intervention tender also contradicted their recent statements, thereby suggesting they’re not going to slow exports in the near future. Both developments seem negative for U.S. markets. March CBOT wheat fell 13.75 cents to $5.895/bushel as Wednesday’s Chicago session ended, while March KC wheat tumbled 12.5 cents to $6.3975/bushel and March MWE wheat slumped 11.25 cents to $6.2125.

Cattle futures followed through on Tuesday’s losses. Tuesday’s CME breakdown did considerable damage to the live cattle charts. That probably reflected significant beef weakness on late-day reports. Bulls couldn’t spark a bounce despite steady-firm news on the midday beef report. February live cattle plunged 1.92 cents to 167.12 cents/pound in late Wednesday and April dove 1.90 at 166.85. January feeder cattle futures stumbled 0.72 cents to 234.82 cents/pound and March feeders dropped 1.57 to 231.90.

Spot market weakness continued weighing on hog futures Wednesday. CME futures continued declining in concert with wholesale prices today, with cash weakness also seeming to encourage selling. Traders seemingly worry about the demand outlook, since the 2015 contracts led the way lower. Traders apparently ignored news of two farms with ‘bird flu’ in British Columbia, which might easily have been seen as bullish for hogs. February hog futures plummeted 2.12 cents to 86.87 cents/pound at their Wednesday close, while June hogs crashed 2.25 cents to 94.35.