Ag markets moved mostly lower Thursday night

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Corn futures gave back Thursday’s gains overnight. Corn futures had a hard time rallying yesterday despite bullish results on the weekly USDA Export Sales report. Huge new crop prospects are apparently blunting rally attempts. However, news that a Malaysian airliner had been shot down over rebel territory in Ukraine boosted prices. Things seemed to calm down overnight. September corn stalled at $3.7875/bushel early Friday morning, while December lost 0.25 cent to $3.87.

The soy complex seems to be playing catch-up Friday morning. Soybeans and products fell Thursday despite the Ukrainian news and very supportive news on the export front. Record new-crop prospects are weighing on prices. However, beans and products turned higher last night, possibly due to ideas that the market is overly pessimistic at this point. August soybean futures bounced 8.75 cents to $11.835/bushel Thursday night, while November futures edged up 4.75 cents to $10.9875. August soyoil gained 0.09 cents to 36.46 cents/pound, while August soymeal added $2.3 to $382.8/ton.

Wheat futures are weak after Thursday’s event-driven surge. The wheat markets were muddling along at slightly lower levels when Thursdays Ukraine news hit the wires. The possibility of reduced sales from that region then sent prices higher. Prices set back in the absence of overnight action, but traders are likely prepared to buy aggressively on more bad news. September CBOT wheat sagged 1.75 cents to $5.49/bushel in early Friday action, while September KC wheat dipped 2.5 cents to $6.465/bushel, and September MWE wheat skidded 1.5 cents to $6.355/bushel.

Technical selling may be weighing on cattle futures. News of steady-weak cash trading boosted discounted live cattle futures Thursday, but CME prices dipped again overnight. That probably reflects mixed wholesale quotes, as well nearby futures’ encounter with short-term moving average resistance. August live cattle slid 0.05 cents to 150.60 cents/pound as Friday dawned over Chicago, while December slumped 0.47 cents to 153.37. Meanwhile, August feeder cattle tumbled 0.42 cents to 211.17 cents/pound, and October fell 0.87 to 211.47.

Cash weakness is undercutting CME hogs. Despite news of wholesale firmness yesterday afternoon, hog futures continued their decline last night. That probably reflected industry concerns about second-half demand, as well as Thursday’s cash weakness. Traders likely think cash is peaking. August hog futures dropped 0.62 cents to 128.22 cents/pound as trading accelerated Friday morning, while December sank 0.32 cents to 102.57.

Cotton futures followed through to the upside Thursday night. Yesterday’s Export Sales report stated last week’s new-sales at an impressive 347,000 tonnes, which seemingly offered sustained support for fiber values in the face of general bearishness. Futures rose a bit farther overnight despite a lack of news. Bulls still face selling as the large U.S. crop matures. December cotton rose 0.22 cents to 67.87 cents per pound shortly after sunrise Friday, while March futures moved up 0.28 to 68.51 cents/lb.

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