Traders cited technical buying as boosting corn futures Tuesday. The grain markets proved surprisingly strong Tuesday, especially in the absence of supportive news. Wire service sourced cited technical factors and bargain hunting for the corn rise, which seemed doubly impressive in the face of today’s equity market losses. May corn futures closed up 3.0 cents at $3.91/bushel Tuesday, while December rose 3.25 to $4.165.

Country declines seemed to undercut beans and meal Tuesday morning. News that Brazil’s weekend crackdown didn’t clear all roads of striking truckers and their rigs, along with technical support, seemed to boost the soy complex overnight. However, talk of cash weakness apparently undercut prices, as did fresh ideas that South American product will strangle U.S. exports in the weeks ahead. Nearby futures firmed later in the day, but clearly lagged the grain markets. May soybean futures ended Tuesday having declined 1.5 cents to $10.1225/bushel, while May soyoil moved up 0.14 cents to 32.97 cents/pound, and May meal sagged $0.7 to $332.8/ton.

Wheat markets rebounded strongly from midmorning losses. Despite the bearish global wheat situation and the apparent lack of demand for U.S. grain, wheat futures marched upward after having dipped around midmorning. As with corn, traders cited technical reasons and bargain buying for the gains. The reason for the Minneapolis market’s big surge was particularly obscure. May CBOT wheat gained 6.0 cents to $5.06/bushel as Tuesday’s pit session ended, while May KC wheat rallied 9.5 cents to $5.3525/bushel, and May MWE wheat surged 15.5 to $5.7075.

A technical break seemed to exaggerate Tuesday’s CME cattle losses. Although cattle futures have performed very well lately, nearby the April future dipped back below its 40-day moving average around midmorning. That triggered active selling since the 40-day MA is often viewed as pivotal for markets. The whole cattle/feeder complex then followed April lower. April cattle futures plunged 2.40 cents to 151.05 cents/pound at Tuesday’s close, while August cattle tumbled 1.60 cents to 142.07 cents/pound. Meanwhile, April feeder cattle futures dropped 1.37 cents to 202.72 cents/pound, and August feeders tanked 1.82 to 200.87.

Spot weakness apparently depressed hog futures. The cash hog markets are apparently running out of upward momentum, which probably reflects persistent pork weakness. The April contract’s inability to hold above its short-term moving averages likely triggered additional selling, despite the fact that the losses carried it below the CME index. April hog futures fell 2.07 cents to 65.60 cents/pound in late Tuesday action, while June hogs plummeted 2.52 to 80.52.