Increased global stocks weighed on corn futures after the WASDE report. The corn market had traded firmly prior to the noon EDT release of the USDA WASDE report, but it turned generally lower afterward. Traders were apparently discouraged by the indicated increase in the 2013/14 carry and by big 2014/15 forecasts. July corn dropped 7.0 cents to $5.095/bushel late Friday morning, while December plunged 10.25 cents to $5.0125.

Soybeans proved quite volatile after the USDA data were published. Soybean futures rallied Friday morning ahead of the WASDE report, then posted huge up- and downward swings soon after the release. Prices later turned mixed, with old crop prices seemingly reacting to the tight situation and new-crop quotes to larger new crop supplies. July soybeans climbed 8.0 cents to $14.775/bushel just before lunchtime Friday, while July soyoil stalled at 41.12 cents/pound, and July soymeal rose $4.1 to $484.8/ton.

The wheat markets declined after the WASDE release. Long liquidation seemed to keep the wheat markets under downward pressure prior to the midday release of the monthly USDA WASDE report. Although prices at all three exchanges swung widely in the report’s aftermath, winter wheat futures remained under downward pressure; spring wheat values firmed for a while but later turned lower as well. July CBOT wheat futures fell 3.5 cents to $7.3175/bushel in late Friday morning action, while July KCBT wheat futures sank 3.0 cents to $8.395, whereas July MWE futures lost 1.25 to $8.045.

Cattle traders still seem cautiously optimistic about cash prices. CME futures fell Thursday night after big beef losses lowered expectations for likely outcome of this week’s cash trading. However, futures turned higher again this morning, thereby suggesting traders still suspect a firm outcome at the country markets. June cattle bounced 0.15 cents to 138.07 cents/pound late Friday morning, while December gained 0.30 cents to 144.57. Meanwhile, August feeder cattle jumped 0.87 cents to 191.15 cents/pound, and October climbed 0.65 cents to 191.67.

Weak cash prices are weighing on hog futures. CME hog traders continue hoping for a seasonal rebound in cash and wholesale prices during the days and weeks ahead. General stability around mid-week encouraged those views. However, cash hog prices were called sharply lower this morning, thereby sparking increased Chicago selling. June hog futures slumped 0.20 cents to 119.95 cents/pound around midsession Friday, while December tumbled 0.52 cents to 93.85.

The USDA’s forecast export cuts depressed cotton futures. In its WASDE report the USDA not only revised its estimate of 2013/14 U.S. cotton exports downward significantly, it predicted an even smaller result next year. Those figures seemingly weighed rather heavily upon ICE futures soon thereafter. July cotton slid 0.57 cents at 92.48 cents/pound shortly after midday Friday, while December cotton sagged 0.21 to 83.30.