The Export Sales report probably supported corn futures Thursday morning. the nearby September contract seemed to be giving back its Wednesday gain this morning as the old-crop basis weakened. In contrast, deferred futures were virtually unchanged, which probably reflected a comparatively large result on the weekly USDA Export Sales report. Early U.S. dollar strength was not helpful either. September corn tumbled 5.0 cents to $4.9925/bushel late Thursday morning, while December skidded 2.5 cent to $4.785.

Soybean and meal futures resumed their rally this morning. The tight old crop situation apparently boosted nearby soybean and meal futures in early Thursday trading; deferred contracts also rose, thereby seeming to reflects renewed talk of Corn Belt dryness and heat. Conversely, overnight losses in Asian palm oil markets triggered active selling in the soyoil pit. September soybeans jumped 16.0 cents to $14.49/bushel around midsession Thursday, while November beans gained 4.5 to $13.7725. September soyoil dove 0.50 cents to 43.81 cents/pound, but September soymeal climbed $7.7 to $471.0/ton.

Wheat futures proved surprisingly weak Thursday. Overnight news that a widely anticipated Egyptian tender went only to Eastern European sources probably depressed wheat values somewhat. But traders may also have been selling in response to concurrent U.S. dollar gains and Indian rupee losses, since those suggest reduced demand for U.S. product and accelerated sales of cheap Indian product. September CBOT wheat fell 6.0 cents to $6.405/bushel in late Thursday morning action, while September KCBT wheat dropped 7.25 cents to $6.99, and September MGE futures lost 6.25 cents to $7.28.

News of improved packer bids seemingly boosted cattle futures Thursday morning. Midweek futures slippage suggested traders were apparently giving up on ideas packers will pay up for country cattle later this week. However, processors reportedly boosted their bids one-cent Wednesday afternoon, thereby suggesting they might pay higher prices before the weekend. October cattle futures rallied 0.35 cents to 127.27 cents/pound around lunchtime Thursday, and December advanced 0.40 cents to 130.32. September feeder cattle futures edged 0.17 cents higher to 156.10 cents/pound, while November rose 0.07 to 158.70.

Hog traders may be anticipating a September bounce. The whole hog and pork complex has proven quite weak lately and will very likely drop substantially lower by mid-autumn. However, it is not uncommon for cash and wholesale values to rise moderately during September. Anticipation of such a move may have powered Thursday’s early gains. October hog futures surged 0.82 cents to 86.87 cents/pound late Thursday morning, while December ran up 0.77 cents to 83.92.