Corn futures continued their Tuesday decline overnight, with traders citing weak exports and harvest pressure. With about 25% of the domestic crop still to be combined at the start of this week, many elevators are already reporting full bins and silos, which in turn implies a lot of grain is going to have to be stored on the ground. That excess is reportedly hurting spot levels around the Midwest, especially with buyers being fully aware of the short-term glut. December corn futures slid 2.25 cents to $3.7775/bushel in pre-dawn Wednesday trading, while March lost 2.25 cents to $3.875. 

Soybeans and meal futures slipped in overnight action, with traders likely reacting to growing of talk of corn and soybeans being stored on the ground around the Corn Belt. Exports have clearly improved lately, but news of favorable Brazilian weather seemingly promises increased South American competition in early 2016. The bean losses were probably mitigated by strength spilling over from the palm oil market into soyoil quotes. November soybeans slipped 2.0 cents to $8.8925/bushel early Wednesday morning, while December soyoil rallied 0.13 cents to 28.02 cents/pound and December meal edged $0.6 lower to $304.10.                

Russian officials stated overnight that they expect their 2015 grain harvest to total about 105 million tonnes, which would essentially match last year’s total. They also made no decision on their wheat export tax. Neither development seemed to move the markets. Instead traders apparently remained focused upon ideas that short-term rainfall will greatly benefit the U.S. winter wheat crop, thereby boosting productive potential next spring and summer. The export situation has also shown few signs of improvement. December CBOT wheat futures slumped 5.5 cents to $5.0375/bushel Tuesday night, while Dec KC wheat sagged 4.5 cents to $4.835, and December MWE skidded 3.0 cents to $5.1275.                 

Live cattle futures continued lower Tuesday as cash cattle faced headwinds the last few days despite their reversal the last few weeks. Boxed beef cutouts were up 1.30 to 218.36 and select gained .29 to 209.98 although seasonal demand is expected to suffer as supermarkets concentrate on turkeys and hams for Thanksgiving features. Tuesday afternoon news of steady trading in the southern Plains may spark a firm opening today. December cattle lost 0.25 cents to 140.60 cents/pound Tuesday, while February cattle fell 0.47 cents to 142.37 cents/pound. November feeder cattle moved 2.02 cents lower to 187.85 cents/pound at the close Tuesday, while January feeders fell 1.55 cents to 180.15 cents/pound.  

CME lean hogs dropped for the fourth straight session Tuesday on the expected seasonal weakness. While holiday ham sales may support the hog market in coming weeks, the demand trend for most other cuts diminishes during late fall and early winter and, at the same time, supplies will typically reach seasonal highs. However, recent losses have sent nearby futures far below the latest quotes for the CME index, which may spurred new buying when the current dive loses its downward momentum. December hog futures lost 1.92 cents to 61.25 cents/pound at the close Tuesday, while May hogs fell 0.75 to 73.82.  

Ideas that heavy weekend rainfall from Hurricane Patricia had damaged the Texas cotton crop have seemingly supported ICE Cotton futures lately. However, the fact that bulls couldn’t sustain yesterday’s early surge had to take the wind out of their sales. Still, overnight slippage in the value of the dollar, as well as substantial technical support around recent lows seemed to power today’s early rebound. December cotton futures gained .35 cents to 62.69 cents/pound as Wednesday dawned over New York, while May cotton climbed .41 cents to 63.14.