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Comments: Tuesday's USDA supply/demand update held neutral-to-supportive news for corn and soybeans as USDA lowered its U.S.
carryout estimates for both crops, with the corn carryout falling more than most expected.
However, corn prices came under renewed pressure anyway as concerns about Chinese demand mounted after China rejected further shipments of U.S.
corn for containing unauthorized GMO material.
Soybean futures came under pressure from post-report profit taking, but found support from continued strength in U.S.
export sales.
Wheat futures collapsed further as USDA unexpectedly raised its U.S.
carryout forecast and pegged the world carryout above trade expectations on larger production in Canada and Australia.
Nearby wheat futures also broke to new long-term lows, boosting technical pressure on the market.
Lean hog futures came under renewed pressure from weak cash markets as packers continued to have no trouble filling slaughter needs amid large supplies of heavyweight hogs.
Live cattle futures largely chopped sideways with larger supplies of market-ready cattle offsetting support from prospects for tight supplies in 2014.
Cotton futures continued to recover on support from concerns about tight U.S.
supplies and technical buying.
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