Ag markets proved generally weak again Wednesday night

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Corn slipped again Wednesday night. Little fresh news concerning the yellow grain emerged overnight, with traders seemingly reacting to prospects for a planting window next week by selling modestly. They also appear to hold somewhat pessimistic views toward today’s weekly USDA Export Sales data. July corn dipped 4.5 cents to $5.145/bushel in early Thursday trading, while December lost 3.5 cents to $5.0575.

The soy markets declined in concert with corn. There was also little soy news last night, which seemingly left the soy complex open to continued slippage. The weekly export data seems likely to prove less than supportive, whereas talk of delayed corn plantings suggests increased bean seedings in late spring, which in turn means increased fall production. July soybeans fell 8.25 cents to $15.045/bushel Wednesday night, while July soyoil slid 0.08 cents to 42.03 cents/pound, and July soymeal declined $4.8 to $488.9/ton.

Wheat futures moved mostly lower last night. Anecdotal crop tour results have boosted wheat futures, especially those in the KC market, this week; that might easily continue if today’s finding by the Wheat Quality Council Tour today again indicate poor harvest prospects for the southern Plains. On the other hand, overnight strength in Minneapolis suggests other factors are also in play. July CBOT wheat futures slumped 3.5 cents to $7.18/bushel early Thursday morning, while July KCBT wheat futures skidded 1.0 cent to $8.115, and July MWE futures slipped 0.25 to $7.685.

Cattle futures declined modestly Wednesday night. Yesterday’s wholesale news essentially reversed that from Tuesday, with a sizeable drop in choice beef cutout being offset by a big rise in select values. That likely added to trader uncertainty about the likely outcome of this week’s cash trading, with bearish seasonal expectations remaining the dominant factor. June cattle sagged 0.02 cents to 137.17 cents/pound as Thursday dawned over Chicago, while December tumbled 0.17 cents to 141.80. Meanwhile, August feeder cattle gained 0.07 cents to 187.55 cents/pound, and October added 0.02 cents to 188.00.

Hog futures continued sliding despite supportive news. CME lean hog futures suffered major losses Wednesday, with bulls’ inability to support the nearby futures contracts above major technical support exaggerating the drop. Yesterday’s late cash and wholesale news seemed quite supportive, but futures kept sliding last night. June hog futures fell 0.37 cents to 122.75 cents/pound in early Thursday action, while December dropped 0.22 to 92.27.

Cotton futures were narrowly mixed last night. Persistent firmness in the U.S. equity markets and U.S. dollar weakness may be supporting old-crop cotton futures at this point, especially after Tuesday’s surge. However, one has to wonder if overnight July slippage reflected pessimism about the outcome of today’s Export Sales data. Slow Texas plantings probably continue supporting new-crop prices. July cotton sank 0.07 cents to 94.22 cents/pound just after sunrise (EDT) Thursday, while December cotton rose 0.11 to 83.51.

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