Corn futures continued sliding Thursday night. Prospects for a huge fall crop are apparently exerting renewed pressure upon corn prices, especially with Corn Belt rainfall now forecast for the next two weeks. The fact that nearby futures failed at their 10-day moving averages this week probably exaggerated current selling. September corn slid 1.25 cents to $3.5575/bushel early Friday morning, while December lost 1.75 cents to $3.6525.

Improved moisture projections are likely weighing on the soy complex. Soybean and product futures bounced in late July as the Corn Belt dried out, since arid August conditions can significantly reduce the fall harvest. However, the return of rain to short-term forecasts seems likely to rescue the growing crop from any big complications, thereby triggering renewed CBOT selling. September soybean futures fell 10.75 cents to $10.89/bushel shortly after dawn Friday, while November futures tumbled 10.5 cents to $10.715. September soyoil sagged 0.15 cents to 36.01 cents/pound and September soymeal dipped $3.2 to $358.8/ton.

The wheat markets remains surprisingly firm. Current weather forecasts, as well as the latest financial market developments (falling stocks and rising dollar) don’t favor grain strength, but wheat futures continued their late advance overnight. That seemingly reflects potential production problems in a few other countries, as well as talk of improved demand. September CBOT wheat gained 4.25 cents to $5.345/bushel Thursday night, while September KC wheat advanced 5.75 cents to $6.315/bushel, and September MWE wheat gained 4.0 cents to $6.20.

Suspicions of cash weakness are probably weighing on cattle futures. Thursday’s cattle and beef news, what there was of it, was not bearish, but that didn’t prevent a major CME drop. The breakdown likely reflected demand concerns based on concurrent equity losses and U.S. dollar weakness. Traders probably expect cash market slippage later today. October live cattle plunged 1.17 cents to 156.15 cents/pound in early Friday action, while December dove 1.25 cents to 156.85. Meanwhile, September feeder futures plummeted 1.65 cents to 219.55 cents/pound, and November feeders crashed 1.95 to 218.02.

Firming cash prices are supporting CME hog futures. Hog futures have suffered badly from bearish seasonal expectations lately. However, those losses now look somewhat overdone after spot markets stabilized the past two days. Pork is still weak however, October hog futures edged up 0.10 cents to 103.27 cents/pound, while December added 0.05 cents to 94.22.