Ag markets proved decidedly mixed Tuesday morning

Crop futures are reacting to the Export Inspections data. Talk of harvest delays and production losses appears to be supporting the corn market at this point. Prices got added support from the USDA Export Inspections report, since the corn total topped increased forecasts. Bulls hope to push December prices over their 40-day moving average, which might signal a trend change. December corn futures gained 1.25 cents to $3.4725/bushel late Tuesday morning, while May edged up 1.25 cents to $3.6875.

Bean and meal futures are diverging from oil values. Soybeans and meal moved higher in overnight trading, which probably reflected robust demand and the negative implications of ongoing harvest delays. The Export Inspections report also looked quite supportive. However, the negative biodiesel implications stemming from big energy market losses are depressing soyoil values. November soybean futures rallied 3.0 cents to $9.4825/bushel just before lunchtime Tuesday, while December soyoil tumbled 0.47 cents to 32.57 cents/pound, and December soymeal added $2.6 at $320.5.

The wheat markets turned mixed Tuesday morning. After trading weakly Monday night, wheat futures seemed to rebound in concert with the bounce being posted by the equity markets this morning. However, unlike corn and beans, the wheat number on the export report proved disappointing and undercut the forward markets. December CBOT sank 2.5 cents to $5.0275/bushel around midsession Tuesday, while December KC wheat rose 1.5 cents to $5.8575/bushel, and December MWE wheat stalled at $5.5875.

Cattle traders may be expecting late-October price weakness. Monday’s big stock breakdown got the cattle market off to a poor start today, but bulls couldn’t generate a rebound in response to today’s equity market recovery. One has to suspect the cattle industry is looking for a return of the cattle market’s tendency toward weakness in most months. December live cattle futures plunged 2.70 cents to 164.00 cents/pound in late Tuesday morning activity, while April futures dove 2.80 to 163.10. Meanwhile, November feeder futures plummeted 3.00 cents to 237.15, as did January feeders which fell to 231.12.

Hog futures are apparently anticipating seasonal losses. Although the cash hog and wholesale pork markets have held up well lately, they traditionally prove quite weak during the fourth quarter. That’s probably why CME futures are suffering renewed pressure this morning. December hogs fell 0.37 cents to 94.25 cents/pound as the lunch hour loomed Tuesday, while April lost 0.45 to 91.40.