Weather news seemed to spur corn selling Thursday. The corn results on the weekly USDA Export Sales report largely met expectations, so it had little impact upon CBOT prices. However, futures turned decisively lower in apparent response to the latest weather forecasts. That is, traders think this week’s rain and next week’s planting window will allow farmers to complete seedings in short order and help get the crop of to a great start. July corn fell 9.0 cents to $4.865/bushel late Thursday morning, while December lost 7.0 cents to $4.82.
NOPA crush data weighed upon the soy complex. Although the weekly export data seemed supportive of the soybean and product markets, those were mixed to lower in early trading. As with the grains, the weather looks rather bearish. Traders may have been squaring positions ahead of the monthly NOPA Crush report released at 11:00 CDT. That was seen as rather bearish, with bean futures declining further soon thereafter. However, futures bounced back quickly. July soybeans stumbled 5.5 cents to $14.8175/bushel in late Thursday morning action, while July soyoil dipped 0.32 to 41.06 cents/pound, but July soymeal edged $0.6 lower to $485.9/ton.
Exports and weather are apparently depressing wheat markets. The old-crop Export Sales data probably disappointed wheat traders Thursday morning. When combined with suspicions that this week’s rains are boosting old-crop production potential and next week’s dryness will spur torrid new crop planting, the data helped send wheat futures lower once again. July CBOT wheat futures dropped 9.25 cents to $6.81/bushel around midsession Thursday, while July KCBT wheat futures dove 14.0 cents to $7.9225, and July MWE futures sank 10.0 to $7.6825.
Slipping beef quotes left cattle futures sagging Thursday morning. Despite recent cash market firmness, cattle traders expect a sizeable seasonal drop during the days and weeks ahead. The beef slippage seen late Wednesday and again at midsession today seemingly reinforced that pessimism. June cattle tumbled 0.62 cents to 136.82 cents/pound as lunchtime loomed Thursday, while December fell 0.80 to 144.15. Meanwhile, August feeder cattle skidded 0.10 cents to 192.35 cents/pound, and October slid 0.52 cents to 193.10.
Premiums built into hog futures may be handicapping bulls. Cash hog and pork prices rose moderately Wednesday, which rather clearly supported CME futures. Cash quotes were largely unavailable this morning, but pork cutout kept rising. Nevertheless, Chicago prices suffered significant losses. That may reflect the simple fact that futures are already trading well above country values. June hogs plunged 0.85 cents to 119.72 cents/pound late Thursday morning, while December lost 0.25 cents to 93.05.