Corn futures dipped Wednesday night. After rallying in reaction to old-crop tightness yesterday, the nearby September contract gave back much of the gain overnight. Meanwhile, reduced fears of late-summer drought seemed to undermine deferred futures once again. September corn slipped 4.75 cents to $4.995/bushel early Thursday morning, while December skidded 2.0 cents to $4.7875.

The soy complex moved generally lower as well. The tight old crop situation apparently boosted nearby soybean meal futures in early Thursday trading, but the rest of the complex suffered modest losses. Forecasts for much more moderate temperatures early next week are very likely weighing upon soy values at this point, since such conditions may do much less damage than was previously feared. September soybeans fell 2.5 cents to $14.305/bushel around dawn Thursday, while November beans sagged 2.75 to $13.70. September soyoil sank 0.13 cents to 44.18 cents/pound, but September soymeal lifted $4.3 to $467.6/ton.

Wheat futures also declined overnight. Slippage in the corn and bean complexes very likely dragged wheat prices downward in Wednesday night trading. News that the large Egyptian tender went only to Eastern European sources probably depressed wheat values as well. September CBOT wheat slid 3.75 cents to $6.4275/bushel in early Thursday trading, while September KCBT wheat dipped 2.25 cents to $7.04, and September MGE futures lost 3.5 cents to $7.3075.

Cattle futures rose modestly again in early Thursday action. Bullish cattle traders have been hoping wholesale strength earlier this week presaged a cash market advance as well. However, beef prices were mixed to lower Wednesday, which limited rally attempts. Conversely, equity markets gains ultimately implying robust demand down the road seem to be supporting the cattle market at this juncture. October cattle futures gained 0.15 cents to 127.07 cents/pound as the sun rose over Chicago Thursday, and December edged up 0.02 cents to 129.95. September feeder cattle futures inched 0.02 cents lower to 155.90 cents/pound, while November declined 0.20 to 158.42.

The latest pork news undercut hog futures Thursday morning. Bullish traders were hoping the sharp pork losses posted at noon Wednesday would be reversed later in the day. Unfortunately for those interests, pork cutout remained depressed at the end of the day, thereby keeping CME swine futures under pressure overnight. October hog futures slumped 0.05 cents to 86.00 cents/pound early Thursday morning, while December descended 0.05 cents to 83.10.

The cotton market bounced in overnight action. White fiber values slid to two-month lows Wednesday as traders talked about reduced mill buying. Prices rebounded somewhat last night, possibly due to news that India’s cotton growing areas had received little monsoonal rain. The current rebound in equity values may also have spurred buying. December cotton futures rose 0.15 cents to 83.90 cents/pound just after sunrise Thursday, while March added 0.23 cents to 83.05.