Ukraine news seemed to boost corn Monday night. Dipping soybean and wheat prices probably weighed somewhat on corn futures overnight, with bears also encouraged by talk of active farmer selling. However, yellow grain values turned slightly higher overnight, which may have marked a response to a forecast of a 2.9 million tonne drop in Ukraine’s 2015 crop. May corn futures inched up 0.5 cent to $3.9075/bushel in early Tuesday trading, while December corn edged 0.75 higher to $4.15.

The soy complex is bumping up against technical resistance. Monday’s sizeable soy gains were impressive, especially when one considers the time of year and the flow of South American beans and products to the global market. However, the latest rally left the nearby contracts just below their 20 and 40-day moving averages on the charts, thereby suggesting they’re facing significant technical resistance. May soybean futures slid 2.0 cents to $9.815/bushel early Tuesday morning, while May soyoil dipped 0.13 cents to 31.02 cents/pound, and May meal slipped $1.0 to $326.3/ton.

State wheat ratings probably trigged overnight wheat selling. Recent talk of southern Plains dryness likely had traders thinking state condition reports on winter wheat would come in lower, but readings for Texas and Oklahoma showed big improvements. Monday’s futures setbacks from early may also have sparked technical selling. Longer-term forecasts also imply plentiful Plains precipitation next month. May CBOT wheat slumped 6.5 cents to $5.275/bushel Monday night, while May KC wheat sagged 6.0 cents to $5.685/bushel, and May MWE wheat sank 5.25 to $5.8475.

Cash strength boosted cattle futures Monday. Cash cattle prices more than fulfilled last week’s trader suspicions of spot market firmness, thereby spurring a strong opening at the CME today. Beef cutouts tumbled Friday, which may have limited early gains, but nearby futures closed strongly. Beef gains and a surprisingly low stocks result on the monthly USDA Cold Storage report suggest a strong opening this morning. April cattle futures spiked the 3.00-cent daily limit to 161.35 cents/pound at Monday’s CME close, while August cattle leapt 2.12 cents to 150.22 cents/pound. Meanwhile, April feeder cattle futures vaulted 2.97 cents to 219.17 cents/pound, and August feeders soared 3.60 to 219.67.

Hog futures traded mixed Monday. Although the cash hog and wholesale pork markets remained weak through last week, anticipation of seasonal strength apparently supported the nearby contracts yesterday. Midday wholesale quotes rose, which probably encouraged buying of the nearby contracts, but summer futures struggled. Futures are likely to open weakly this morning due to a big February jump in pork stocks and spot market weakness. April hog futures closed 0.80 cents higher at 59.25 cents/pound Monday, while June hogs dipped 0.22 to 73.62.

Dollar weakness seemed to boost cotton futures again overnight. Talk of reduced Chinese production, early equity market strength and U.S. dollar losses spurred renewed cotton gains yesterday. The dollar declined again last night, which probably encouraged bulls, as did ideas that Monday’s rally would trigger a follow-through advance. May cotton climbed 0.34 cents to 64.39 cents/pound shortly after Tuesday dawned over New York, while December futures gained 0.16 to 64.71.