Corn bounced from chart support Tuesday night. Although the current situation seems very conducive to accelerated spring U.S. plantings and high autumn yields, the corn market has apparently found substantial chart support around the $3.60/bushel level on the nearby charts. Futures bounced modestly from that point overnight. May corn futures edged up 1.25 cents to $3.6225/bushel as Wednesday dawned over Chicago, while  December added 1.5 to $3.84.   
    
The soy complex is narrowly mixed. Talk that accelerated spring plantings will increase the yield potential of the fall soybean crop has been weighing on prices lately, but traders now wonder if the traditional pattern of an acreage shift toward corn in such circumstances will limit the autumn harvest. That may explain the lack of direction seen in the soybean and product markets last night. May soybean futures inched 0.5 cent lower to $9.77/bushel Tuesday night, while May soyoil skidded 0.03 cents to 31.20 cents/pound, and May meal gained $0.2 to $319.0/ton.   
    
The wheat markets may have posted a short-term reversal signal Tuesday. Wheat futures had fallen rather substantially at one point yesterday, but ended the day modestly higher. Weather news and production prospects are likely affecting prices, as are huge old-crop carryout forecasts. Still, yesterday’s price action could be seen as a ‘hammer’ candlestick reversal signal, thereby presaging short-term strength. May CBOT wheat
futures rose 2.25 cents to $4.7375/bushel just after sunrise Wednesday, while May KC wheat inched up 2.0 cents to $4.9925/bushel, but May MWE wheat slipped 0.5 to $5.28.   
    
Beef gains probably encouraged cattle traders Tuesday. Seasonal factors suggest short-term weakness in beef values, but choice cutout proved surprisingly strong to start the week. That divergence from seasonal weakness may have spurred the general CME cattle advance, especially with technical factors seeming to favor bulls. Late beef gains and GLOBEX strength suggest a bullish follow-through this morning. June cattle futures jumped 0.85 cents to 151.12 cents/pound in late Tuesday trading, while August cattle surged 0.45 to 148.80. Meanwhile, May feeder cattle futures vaulted 0.95 cents to 212.35 cents/pound, and August feeders ran up 0.70 to 213.87.    
    
Hog futures continued testing psychological resistance. The cash hog and wholesale pork markets posted sizeable gains Monday and exhibited continued strength Tuesday. However, CME futures are already anticipating major spring gains, which is one reason why the most-active June contract again had trouble overcoming the psychologically important 80-cent level. It topped that barrier in GLOBEX action, which implies similar strength
this morning. June hog futures rose 0.50 cents to 79.90 cents/pound as the CME pit session ended Tuesday, but December skidded 0.07 to 68.60.       
 
Cotton has seemingly lost its recent bullish momentum. Cotton rallied strongly late last week and has seemingly garnered support from the declining value of the dollar. However, bulls have not been able to sustain intra-day highs this week, thereby suggesting a retest of former chart resistance may be looming. July cotton slid 0.07 cents to 66.32 cents/pound in early Wednesday action, while December futures sank 0.27 to 65.58.