Large supplies are again weighing on corn futures. Ideas about robust demand strength have supported the corn market lately, but the industry is still anticipating a massive fall harvest. Talk along those lines seemed to weigh on prices overnight, with traders still thinking future USDA reports will boost the official yield and production figures. September corn dipped 0.75 cent to $3.5725/bushel Wednesday night, while December lost 1.0 to $3.6875.

The soy complex was mixed again Wednesday night. Wire service reports suggest CBOT traders believe current conditions are conducive to a strong finish to the soybean growing season, and that autumn-winter USDA reports will reflect increasingly large totals. Having Asian palm prices drop to a five-year low, and drag soyoil values downward as well, isn’t helping the bullish cause either. Strong demand does appear to be supporting meal. September soybean futures stalled at $10.795/bushel just after dawn Thursday, while November futures skidded 1.0 cents to $10.4575. September soyoil fell 0.56 cents to 33.42 cents/pound, but September soymeal advanced $5.0 to $373.7/ton.

The wheat markets have moved mostly lower. Overnight news concerning wheat was rather mixed. Israel and Jordan bought modest amounts overnight, while other reports confirmed recent problems with the European crop and with India’s monsoon. Conversely, good Australian rains seem likely to boost their crop; officials also boosted estimates of Kazakhstan’s crop and exports. Thus, while September CBOT wheat inched up 2.0 cents to $5.30/bushel in early Thursday trading, September KC wheat slipped 0.75 cents to $6.0325/bushel, and September MWE wheat slid 1.25 to $6.0325.

Cattle futures bounced overnight. News that Nebraska cattle were trading $5.00 lower, around $155/cwt, sent cattle futures sharply lower Wednesday. However, cattlemen in the southern Plains apparently refused to take the lower money. Ideas that they’ll be able extract higher payments from packers may have boosted CME futures last night, despite sizeable Wednesday afternoon beef losses. October live cattle futures rallied 0.37 cents to 146.92 early Thursday morning, while December futures rebounded 0.35 to 149.10 cents/pound. Meanwhile, September feeder futures advanced 0.22 cents to 213.77 cents/pound and November futures gained 0.22 to 212.22.

The hog market resumed its recent breakdown. Cash hog and wholesale pork values continued their slow motion crash Wednesday. Afternoon news to that effect probably ended bullish hopes that yesterday’s CME action signaled the start of a short-term rebound. October hog futures plunged 1.85 cents to 95.55 cents/pound as Thursday dawned over Chicago, while December dove 1.40 cents to 86.80.

Cotton futures sustained Wednesday’s bounce last night. No fresh news concerning cotton emerged overnight, which left traders free to build upon yesterday’s rebound. As pointed out at the time, the rally apparently reflects renewed interest from domestic and international mill buyers in the wake of recent losses. We’re probably seeing considerable short-covering as well. December cotton climbed 0.41 cents to 65.13 shortly after sunrise Thursday, while March futures rose 0.31 cents to 65.80.