Corn futures followed soybeans lower Thursday morning. Forecasts for ideal mid-summer weather are rather obviously creating a generally bearish environment in the corn pit, but the ongoing breakdown in the soybean complex is apparently adding to the downward pressure. The results of the weekly Export Sales reports were also discouraging. September corn futures fell 10.5 cents to $4.9775/bushel around midsession Thursday, while December slid 1.25 cents to $4.79.

The whole soy complex suffered substantial losses in early Thursday trading. After plunging again in overnight trading, nearby soybean futures bounced modestly from early lows. However, after proving relatively stable in the face of the old-crop breakdown, new crop soybean and meal futures tumbled badly as well. The fact that Brazilian sales are surging may have offset the supportive soybean results on the weekly USDA Export Sales report. August soybean futures dove 30.5 cents to $13.62/bushel in late Thursday morning action, while August soyoil tumbled 0.40 cents to 43.86 cents/pound, and August soymeal plunged the $20.0 limit to $447.8/ton.

Wheat futures joined the general downtrend Thursday. The comparative firmness exhibited by the golden grain markets may represent a reaction to the Wheat Quality Council now taking place in the northern Plains. The latest report indicated numerous factors that could limit the size of the forthcoming spring wheat crop. Traders may also be looking for seasonal Chicago and Kansas City gains with the winter wheat harvest winding down. September CBOT wheat dipped 4.25 cents to $6.49/bushel around lunchtime Thursday, while September KCBT wheat skidded 3.0 cents to $6.9425 and September MGE futures dropped 5.0 cents to $7.385.

Cattle traders seemingly grew less optimistic about short-term prospects Thursday. Despite news of firming wholesale prices and light cash trading at steady levels Wednesday, live cattle futures slumped again Thursday morning. Traders are probably harboring doubts about the country markets’ ability to justify premiums built into futures. Meanwhile, the prospect of cheaper feed undermined deferred futures across the livestock complex. August cattle sagged 0.32 cents to 121.25 cents/pound in late Thursday morning trading, while December lost 0.37 cents to 127.90. August feeder futures sank 0.62 cents to 152.40 cents/pound, while November plunged 0.85 cents to 158.00.

Hog futures joined the general decline despite supportive news. Persistent cash firmness and a rebound in wholesale prices seemed likely to boost hog futures late Thursday morning. However, the whole swine complex followed the deferred contracts lower (due to the prospect of much cheaper feed in late 2013 and 2014). Traders may also be beginning to think pork is getting pretty expensive at this point. August hog futures skidded 0.27 cents to 98.65 cents/pound are midsession Thursday, while December tanked 0.90 cents to 82.55.