Corn futures bounced on Tuesday’s production data. Today’s USDA Crop Production report stated the forthcoming corn crop at 14.032 billion bushels, which fell moderately below the average of analyst estimates. Global carryout on the WASDE report also fell short of expectations, thereby causing corn futures to edge upward by the end of the day. September corn settled 1.75 cents higher at $3.585/bushel Tuesday, while December crept up 0.75 to $3.69.

The soy complex fell in response to the USDA numbers. Although the U.S. soybean production and global carryout estimates on today’s reports fell short of industry forecasts and looked supportive of soybean futures, the soy complex reacted bearishly. The selling reflected larger domestic carryout figures for this year and next than were anticipated. Traders also think the USDA production numbers will grow on autumn reports. September soybean futures dropped 14.25 cents to $10.9425/bushel at their Tuesday close, while November futures fell 13.75 cents to $10.595. September soyoil sank 0.28 cents to 34.64 cents/pound, and September soymeal sagged $2.3 to $365.2/ton.

Wheat futures remained under pressure Tuesday. The USDA’s estimate of domestic wheat production slightly exceeded industry forecasts and its predicted global carryout figure for 2014/15 easily topped expectations. That latter figure seemed particularly negative. Thus, wheat futures worked lower as the session passed. September CBOT wheat slumped 8.5 cents to $5.38/bushel in late Tuesday trading, while September KC wheat tumbled 10.5 cents to $6.1325/bushel, and September MWE wheat dipped 7.25 to $6.09.

Sliding wholesale prices apparently depressed cattle futures. Beef prices declined modestly Monday and are apparently expected by industry observers to continue declining over the short run. However, the ongoing plunge in pork prices and the negative hog futures reaction likely played a big role in today’s cattle drop as well. October live cattle futures plunged 2.77 cents to 147.67 as Tuesday’s CME pit session concluded, while December futures tumbled 2.50 cents to 148.75 cents/pound. Meanwhile, September feeder futures tanked 2.77 cents to 214.65 cents/pound and November futures dove 2.17 to 213.05.

Big pork losses sent hogs sharply lower. Cash hog prices continued their late decline Monday, but pork cutout values plummeted over 4.0 cents after having held up well late last week and continued diving today. Those developments, along with expectations for a seasonal production surge, apparently sent hog futures drastically lower. October hog futures crashed the 3.0-cent daily limit to 97.17 cents/pound well before Tuesday’s close, while December plummeted 2.25 cents to 87.30.