Corn futures reacted badly to the USDA reports. The USDA released its Grain Stocks and Prospective Plantings reports at 11:00 AM CDT this morning, which sent corn prices sharply lower. The stocks result easily topped forecasts, thereby depressing old crop prices, while the 2015 acreage figure also far exceeded expectations and depressed new crop values. May corn futures plunged 18.25 cents to $3.7625/bushel in late Tuesday trading, while December dropped 17.5 to $4.0025.

The USDA data looked supportive for the soy complex. The USDA Grain Stocks report proved somewhat supportive of nearby soybeans since the stated March 1 total fell slightly short of industry expectations. The plantings data looked moderately bullish, because producer intentions also came in below anticipated levels. Soyoil futures diverged from the general advance, thereby seeming to reflect today’s crude and palm oil losses. May soybean futures ended Tuesday, having bounced 5.5 cents to $9.7325/bushel, while May soyoil skidded 0.10 cents 30.39 cents/pound, and May meal advanced $3.6 to $326.8/ton.

The wheat markets dropped in the wake of the reports. After rising strongly on weather concerns the previous two sessions, wheat futures dipped in pre-report trading. The losses grew afterward, despite the fact that the numbers matched or fell short of expectations. Wire service sourced cited the concurrent corn breakdown for the losses, although the rebounding U.S. dollar may also have weighed on prices. May CBOT wheat dove 18.5 cents to $5.1175/bushel at Tuesday’s close, while May KC wheat tumbled 17.0 cents to $5.5925/bushel, and May MWE wheat lost 14.75 to $5.76.

Cattle futures turned lower late Tuesday morning. Despite last Friday’s big cash market rise, nearby April futures slipped at Monday’s close and remained weak this morning. Deferred futures continued their moderate Monday advance in early trading, but turned lower in late morning action. Losses worsened in the afternoon, thereby seeming to reflect expectations for seasonal weakness. April cattle futures fell 1.17 cents to 161.32 cents/pound in closing Tuesday action, while August cattle slumped 0.77 to 149.50 cents/pound. Meanwhile, April feeder cattle futures sank 0.50 cents to 218.12 cents/pound, and August feeders dipped 0.62 to 218.27.

CME hogs built on Monday’s comeback. Although last Friday’s USDA Hogs & Pigs report implied the pork industry will be very well supplied during the coming weeks and months, Chicago swine prices firmed to start this week. Deferred futures led the way higher after penetrating technical resistance at modestly higher levels this morning, then set back from the highs later in the day. April hog futures closed 1.12 cents higher at 62.42 cents/pound, while June rose 0.25 to 75.80.