Ukraine news may have added to Wednesday morning corn pressure. Wire service reports cited prospects for record U.S. corn and bean harvests for the general price weakness seen last night and early this morning. We suspect an official Ukraine forecast that they will boost grain exports by 7% exaggerated the morning corn weakness. December corn futures fell 7.5 cents to $3.645/bushel late Wednesday morning, while May lost 7.25 to $3.865.

The soy complex is leading the way lower. Talk about the record U.S. soybean harvest and the resulting seasonal supply surge is reportedly weighing heavily upon soy prices at this point. Bean and product prices have fallen sharply despite the early-morning announcement of another big sale to an unknown destination. Spot weakness may also be depressing CBOT values. January soybean futures dove 16.25 cents to $10.07/bushel in late Wednesday morning action, while December soyoil stumbled 0.24 cents to 32.41 cents/pound, and December meal dropped $6.1 to $371.9/ton.

The wheat markets also declined this morning. Wire service reports indicated that wheat futures had followed corn and beans lower overnight, but we still suspect Tuesday’s news of a French feed wheat shipment to the U.S. is undercutting U.S. prices. December CBOT wheat tumbled 8.5 cents to $5.405/bushel around lunchtime Wednesday, while December KC wheat slumped 7.25 cents to $5.8625/bushel, and December MWE wheat sank 8.0 to $5.705.

Cattle futures are trading mixed to lower. The cattle and beef situation seems very bullish, but sustained bulls markets such as this generally need to be fed fresh supportive information. The lack of news appears to be spurring general selling this morning. December live cattle futures slipped 0.15 cents at 170.67 cents/pound as the lunch hour loomed Wednesday, while April futures rose 0.12 to 170.12. Meanwhile, January feeder cattle futures dipped 0.37 cents to 236.90 cents/pound, and March feeders sagged 0.42 to 234.97.

Cash strength sparked the Wednesday morning hog bounce. Recent pork weakness has weighed rather heavily upon CME hog prices. However, the cash markets firmed Tuesday and caused a surprisingly large rise in preliminary figures for the CME lean hog index (which the Chicago contracts cash-settle against). That news probably powered the late-morning rally. December hog futures gained 0.15 cents to 91.70 cents/pound around midsession Wednesday, while April hogs climbed 0.17 to 93.12.