Talk of record harvest reportedly depressed crop markets Tuesday night. Little fresh news obviously pertinent to the U.S. crop markets emerged last night. Wire service reports cited prospects for record U.S. corn and bean harvests for the general price weakness, but we have to wonder if the market isn’t still feeling the effects of news that French feed wheat will soon be shipped to the U.S. December corn futures slid 2.25 cents to $3.6975/bushel early Wednesday morning, while May lost 2.0 to $3.9175.

The soy complex suffered a general slide as well. There seemed to be little news concerning the bean and meal markets last night, although Asian palm oil values declined for the first time in three days, thereby seeming to drag soyoil futures lower. Traders may simply be reacting to the record U.S. harvest and the resulting seasonal supply surge, but we still suspect the bearish implications of feed wheat imports into the U.S. are weighing on prices. January soybean futures fell 6.75 cents to $10.1625/bushel Tuesday night, while December soyoil dropped 0.08 cents to 32.57 cents/pound, and December meal stumbled $2.0 to $376.0/ton.

The wheat markets moved lower along with corn and beans. Wire service reports indicated that wheat futures had followed corn and beans lower overnight. But one has to wonder if golden grain prices are suffering a sustained reaction to the French feed wheat news. December CBOT wheat sank 3.75 cents to $5.4525/bushel in early Wednesday trading, while December KC wheat sagged 2.75 cents to $5.9075/bushel, and December MWE wheat dipped 3.0 to $5.755.

Cattle futures moved mostly higher Tuesday. Having cash cattle prices hit record highs last week and beef prices surge Monday had boosted nearby cattle futures. The CME market struggled around midday, but later edged generally higher. Fundamentals and the cold weather seem bullish. Late afternoon news of beef strength favors a firm opening. December live cattle futures slipped 0.17 cents at 170.82 cents/pound as Tuesday’s CME session ended, while April futures rose 0.27 to 170.00. Meanwhile, January feeder cattle futures dipped 0.20 cents to 237.27 cents/pound, and March feeders stumbled 0.05 to 235.60.

Talk of weak wholesale prices apparently triggered hog selling Tuesday. Ideas that frigid weather will limit supplies and seasonal demand would boost pork quotes had supported hog futures lately. However, cutouts turned decidedly lower at noon, which reportedly triggered aggressive selling of CME hogs. Late day reports confirmed the pork weakness, thereby boding ill for today’s opening. December hog futures plunged 1.45 cents to 91.55 cents/pound in late Tuesday trading, while April hogs dove 1.15 to 92.95.

Cotton futures are mixed in early Wednesday action. Although the cotton market was clearly struggling in early Tuesday trading, the expiring December contract staged an impressive advance late in the day. The market may simply have been technically oversold in the wake of last week’s drop below the pivotal 60-cent level. On the other hand, that level probably represents formidable resistance at this point, which may explain the lack of overnight follow-through. December cotton futures declined 0.16 cents to 59.81 shortly after sunrise Wednesday, while March futures inched up 0.01 cents to 59.87.