Although yesterday’s export news was mixed, corn futures turned lower at the end of the day. Wire service reports cited active farmer selling and weak cash quotes for the decline. Indeed, they cited more of the same for the overnight slippage. Traders are probably squaring positions ahead of tomorrow’s USDA WASDE report. March corn futures slid 2.0 cents to $3.8825/bushel early Tuesday morning, while July dipped 2.0 to $4.0325.

The soy complex is trading mixed. Although crude oil futures have bounced, the Asian palm markets reportedly slid to a one-week low. That’s apparently weighing on the soyoil market. Meanwhile, underlying demand strength seems to be supporting meal prices. Beans declined in concert with oil, with traders also citing likely long liquidation ahead of Wednesday’s USDA report. January soybean futures slipped 0.25 cent to $10.435/bushel Monday night, while January soyoil dropped 0.16 cents to 31.69 cents/pound, but January meal gained $1.0 to $371.1/ton.

Russian statements probably sank the wheat markets. Wheat futures have recently been supported by talk that Russian officials might restrict that country’s short-term exports. However, Russia’s Deputy Prime Minister stated early this morning that officials are not discussing such restrictions, which rather clearly weighed on prices. March CBOT wheat fell 7.25 cents to $5.9075/bushel in pre-dawn Tuesday trading, while March KC wheat sank 6.0 cents to $6.3325/bushel and March MWE wheat slumped 5.5 to $6.165.

Beef losses continued weighing on cattle futures Monday. Tumbling beef quotes undercut cash and futures prices for fed cattle last week. CME traders clearly worried about more of the same Monday, despite stable midday wholesale quotes. Wire service reports cited active long-liquidation by trading funds. Persistent weakness on late afternoon reports suggests a weak opening again today. February live cattle plunged 3.00 cents to 161.87 cents/pound at their Monday settlement, while April dove 2.60 to 161.70. January and March feeder cattle futures plummeted the 3.0-cent daily limit to 231.87 and 228.22 cents/pound, respectively.

Cattle losses likely weighed on CME hogs as well. The spot markets for hogs and pork followed last week’s mixed quotes with more of the same at noon yesterday. Indeed, pork prices could be construed as firming. And yet, lean hog futures closed unanimously lower. That very likely reflected selling spilling over from the diving cattle and feeder pits. Technical factors suggest hogs will bounce, but continued cattle declines may keep spilling over. February hog futures ended Monday having stumbled 0.50 cents to 85.12 cents/pound, while June hogs sank 0.45 cents to 92.35.

Traders cite position squaring for Monday night cotton firmness. Equity losses seemingly depressed cotton futures Monday, with technical resistance likely playing a role in the decline as well. However, prices recovered somewhat overnight, which wire service sources credited to growing position-squaring ahead of Wednesday’s looming USDA WASDE report. March cotton futures bounced 0.21 cents to 59.52 cents/pound just after sunrise Tuesday, while the July contract rose 0.24 to 61.00.