Corn futures resumed their post-report decline Wednesday morning. Tuesday’s USDA reports implied record U.S. corn yield and harvest totals this fall. Futures reacted poorly to the news and couldn’t sustain overnight efforts to stabilize. Indeed, early morning announcements of fresh export sales also failed to push prices higher. Traders think the USDA forecasts are too low. September corn dipped 1.75 cents to $3.5675/bushel late Wednesday morning, while December lost 1.25 to $3.6775.

Soybeans are declining in concert with oil. Talk of demand strength seemingly supported beans and meal Tuesday night, but the bean market couldn’t sustain the rise. Depressed Asian palm oil prices are still dragging soyoil quotes downward and seemed to pull beans downward as well. Meal remains surprisingly strong. September soybean futures slumped 10.0 cents to $10.8425/bushel around midsession Wednesday, while November futures sagged 8.75 cents to $10.5075. September soyoil fell 0.53 cents to 34.11 cents/pound, but September soymeal advanced $4.8 to $370.0/ton.

The wheat markets may be suffering spillover weakness. Tuesday’s USDA reports also held bearish implications for wheat prices, but they had rebounded modestly last night. They turned lower again this morning, possibly due to the malign influence of slumping corn prices, which implies no wheat feeding. September CBOT wheat slid 4.25 cents to $5.3375/bushel shortly before lunchtime Wednesday, while September KC wheat dropped 5.5 cents to $6.0775/bushel, and September MWE wheat slipped 4.75 to $6.0425.

Bearish cash news is depressing cattle futures. Fed cattle reportedly traded at $155/cwt (cents/pound) Tuesday evening and did so again this morning. As one would expect, the implied $5.00 weekly drop sent CME prices sharply lower. October live cattle futures dove 1.87 cents to 145.80 late Wednesday morning, while December futures tumbled 0.77 cents to 147.97 cents/pound. Meanwhile, September feeder futures plunged 1.85 cents to 212.80 cents/pound and November futures sank 1.77 to 211.27.

The hog market is trying to stabilize. Diving cash hog and wholesale pork values have weighed heavily upon CME hog prices lately, but traders seemed to decide the recent breakdown had largely run its course this morning. For example, despite talk of surging seasonal supplies during late summer, traders also realize that grocers traditionally tend to buy aggressively for Labor Day features during the second half of August. October hog futures edged up 0.05 cents to 97.22 cents/pound in late Wednesday morning trading, while December advanced 0.65 cents to 87.95.