Corn futures dipped on improved weather forecasts overnight. After turning downward in response to cooler, wetter Corn Belt forecasts, Wednesday, the yellow grain market continued sliding in overnight trading. The losses are also testing chart support and may open the door to continued declines. September corn futures slid 3.25 cents to $5.3525/bushel early Thursday morning, while December fell 5.25 cents to $4.9675.
The soy complex was mixed again Thursday morning. Lower cash bids across the Corn Belt may have undercut nearby beans and meal, with favorable weather forecasts depressing their deferred counterparts. Oil futures likely benefited from short covering and from modest Asian palm oil gains. August soybean futures dipped 5.5 cents to $14.72/bushel just after dawn Thursday, while August soyoil bounced 0.09 cents to 45.88 cents/pound and August soymeal slipped $2.3 to $466.8/ton.
Wheat futures were narrowly mixed in early Thursday action. Traders were once again talking about strong export prospects, especially after Brazil bought aggressively earlier in the week. Spring wheat prices seem somewhat vulnerable to increased production prospects as summer weather proves relatively benign, while the winter wheat contracts are digesting the largely completed harvest. September CBOT wheat edged up 1.5 cents to $6.665/bushel early Thursday, while September KCBT wheat added 1.5 cents to $7.0425 and September MGE futures gained 2.5 cents to $7.5775.
Cattle futures continued their late slide in early Thursday trading. Traders seem less optimistic about short-term cash prospects, especially after choice beef cutout posted a sizeable decline Wednesday afternoon. proved surprisingly weak Wednesday. Fed cattle values appear unlikely to sustain an advance until the industry sees bullish leadership from the wholesale sector. August cattle skidded 0.05 cents to 121.25 cents/pound as the sun rose over Chicago Thursday, while December sank 0.20 cents to 127.72. August feeder futures gained 0.22 cents to 151.20 cents/pound as corn prices declined, whereas November tumbled 0.32 cents to 156.82.
Hog futures proved somewhat stronger in overnight action. That probably marked a reaction to surprising cash market firmness indicated on late afternoon USDA reports. However, wholesale values continued their late slide, thereby seeming to bode ill for late-July prospects. August hog futures pushed up 0.20 cents to 96.00 cents/pound in early Thursday trading, while December inched 0.10 cents higher to 82.52.
Cotton futures bounced modestly Wednesday night. After having posted its lowest close in several weeks in the wake of bearish Chinese news and Texas rainfall on Wednesday, cotton futures rebounded slightly overnight. There was no headline news powering the rise, but talk of improved Chinese buying at a New York conference this week may have sparked the bounce. October cotton rose 0.36 cents to 84.43 cents/pound Thursday morning, while December climbed 0.54 cents to 84.21.