Corn futures are setting back from moving average resistance. Tuesday’s late corn strength seemed to mark a decisive price reversal, but futures have struggled today. Spot market weakness may be affecting prices, but futures traders also seem to be selling after seeing the nearby March contract fail at its 10-day moving average last night. March corn futures dipped 2.0 cents to $3.8725/bushel late Wednesday morning, while July sagged 1.5 to $4.025.

Spot weakness may also be undercutting the soy complex. After Chinese buyers cancelled two sizeable U.S. soybean shipments last Friday and again Tuesday, the USDA reported a big Chinese purchase this morning. However, CBOT soy futures were decidedly mixed this morning, with talk of spot weakness and big South American crops apparently weighing on prices. In addition, Asian palm weakness depressed soyoil, which may also have spilled over into the bean pit. March soybean futures inched 1.0 cent lower to $9.81/bushel around midsession Wednesday, while March soyoil sank 0.39 to 32.45 cents/pound, and March meal rose $2.2 to $328.7/ton.

Wheat bulls couldn’t sustain overnight gains. Renewed worries about Ukrainian conflict supported wheat Tuesday night, since a major Russia-Ukraine conflict could greatly curb Black Sea supplies. But bulls could sustain only a portion of the early advance, with the KC and MWE markets moving significantly lower. One has to suspect the midsession rebound posted by the U.S. dollar played a role in the reversal. March CBOT wheat edged 1.75 cents higher to $5.3875/bushel just before lunchtime Wednesday, while March KC wheat slumped 4.0 cents to $5.7375/bushel, and March MWE wheat tumbled 7.25 to $5.8225.

Cattle futures were mixed to higher around midday. Cattle futures reacted rather poorly to late Tuesday reports indicating fresh wholesale beef weakness. However, today’s midsession quotes rose modestly, which seemingly translated to improve buying at the CME. Technicians may also be buying after the April future seemed to complete a major follow-through drop yesterday. February live cattle futures climbed 0.52 cents to 153.57 cents/pound in late Wednesday morning trading, while the April contract ran up 0.70 cents to 151.75. January feeder cattle futures jumped 0.95 cents to 215.42, and March feeders soared 2.52 to 205.00.

Talk of excess supplies continues weighing on CME hogs. The cash hog markets were called weak to lower again this morning, with industry sources citing a line-up of animals at packing plant gates. Still, Chicago futures bounced from early lows, thereby seeming to reflect Tuesday’s late pork gains. Conversely, today’s wholesale quotes were less promising. February hog futures rose 0.05 cents to 71.82 cents/pound as the lunch hour loomed Wednesday, while June hogs slid 0.02 cents to 83.65.

Cotton futures also turned downward. Little pertinent news concerning cotton has emerged this week, which is probably making life difficult for ICE market bulls. This morning’s equity market rebound seemed supportive, but couldn’t prevent the fiber market from giving back moderate overnight gains. The fact that the U.S. dollar also rebounded probably discouraged traders. March cotton futures slipped 0.04 cents to 57.75 cents/pound shortly after noon (EST) Wednesday, while the July contract skidded 0.06 to 59.55.