Corn futures moved higher on Tuesday morning. Technical buying pushed prices moderately higher. However, sagging export demand tied to the strong U.S. dollar continued to add pressure to the market, thus curbing the gains. Stabilizing factors are harvest nearing completion at 94% in yesterday’s crop progress report from NASS, up from 89% the week before. That means declining hedge pressure as a negative influence on prices, particularly with farmer sales slowing to a trickle. December corn futures advanced 5.25 cent to close at $3.7275/bushel Tuesday, while May was up 5.0 cents to $3.9425.

Soybean futures acted similar to their corn counterparts and traded higher Tuesday morning. Led by the front-month contract, the market had impressive rally on the order of 15 cents or more. Strong demand from China, which booked another 235,000 metric tonnes yesterday provided support. USDA stated that US soybean harvest was 97% complete as of Sunday, in line with the average pace. Gains in soymeal values also contributed to higher soybean values. January soybean futures jumped 17 cents to $10.5075/bushel late Tuesday morning, while December meal surged $13.10 to $388.0/ton. December soyoil added 0.18 cents to 33.38 cents/pound.

Wheat futures turned decisively higher Tuesday morning as strength in corn and soybean markets probably provided spillover support. KC wheat were leading the gains, powered by the concerns about potential winterkill as US winter wheat crop condition fell 2 points from last week to 58% of good to excellent. Additional support today was from overnight news out of Russia that Russian authorities report condition ratings well under long-time averages. December CBOT wheat boosted 7.5 cents to $5.4975/bushel Tuesday, while December KC wheat moved 10.75 cents higher to $6.15/bushel, whereas December MWE wheat gained 7.75 cents to $5.8675.

Both live and feeder cattle futures came under downward pressure early Tuesday morning. The initial selling pressured futures below some key chart support, triggering a “sell” signal to technicians that only fed further selling from funds liquidating to preserve profits. Cash cattle remain firm, however, with a record $174 paid just last week. High retail prices and the turkey holiday may lead to less demand for beef. January feeder cattle futures fell 2.150 cents to 231.20 cents/pound, and March feeders lost 1.800 to 299.65.

Futures were mixed. Nearby contracts proved vulnerable with slaughter rates finally starting to pick up to levels in line with expectations based on recent Hogs & Pigs report data. Timing for a pick-up in slaughter is bad news for any market bulls because it comes at a time when seasonal demand sags over the Thanksgiving holiday and the normal strength seen in ham prices as the most popular alternative to turkey isn’t occurring this year. December hog futures fell 0.75 cents to 90.575cents/pound late Tuesday morning, and April hogs lost 0.975 to 89.525.

Cotton futures rebounded along with price advances appeared on grain and soybean complex markets today after prices fell to 5-year lows Monday. However, the cotton outlook remains weak for both fundamental and technical reasons. Further, weak Chinese cotton futures are beginning to lead rather than follow ICE futures. Producers all over the world are facing losses. The best hope for cotton price recovery is a global drop in acreage for 2015 as farmers shift to other crops. December cotton increased 0.60 cents to 59.76 cents/lb, while March futures moved up 0.69 cents to 59.50.