The grain markets were mixed Wednesday night. Yesterday’s USDA WASDE report looked generally bearish for the crop markets and sent corn futures to fresh spring lows as a consequence. However, the oversold nature of grain futures at this point makes traders wonder if the losses are overdone, which would explain the lack of follow-through last night. July corn skidded 0.5 cent to $4.405/bushel early Thursday morning, while December was lost 0.5 to $4.415.

The soy complex bounced from Wednesday’s late losses. The USDA WASDE report might have been construed as supportive of the soy complex, especially with the 2013/14 carryout being lowered once again. However, bulls couldn’t prevent soybean and product futures from joining the general decline. Conversely, it isn’t terribly surprising to see them bouncing this morning. July soybeans rebounded 4.25 cents to $14.4975/bushel Wednesday night, while July surged 0.33 cents to 38.75 cents/pound, and July soymeal gained $1.9 to $484.2/ton.

The wheat markets are also trying to stage a comeback. Wednesday’s post-report decline carried most wheat futures to their lowest levels since early 2014, with the bearishness of the global situation overruling supportive domestic data. Talk of the latter may be playing a role in the current rebound. July CBOT wheat futures rose 0.75 cent to $5.90/bushel as Thursday dawned over Chicago, while July KCBT wheat added 0.25 cent to $7.045 but July MWE futures slid 1.25 to $6.8275.

Cattle futures are mixed early Thursday morning. After having performed well lately, cattle and feeder futures gave back a portion of those gains yesterday. That seemingly reflected renewed industry concerns about seasonal price weakness in early summer. August cattle advanced 0.37 cents to 142.57 cents/pound shortly after sunrise Thursday, while December slipped 0.05 to 148.55. Meanwhile, August feeder cattle climbed 0.72 cents to 203.60 and October climbed 0.55 to 204.37.

Wednesday afternoon news seemed to undercut hog bulls. Although pork quotes were weak at noon yesterday, talk of surging cash markets spurred buying in the CME hog pit. However, the late afternoon reports implied diminished cash strength, whereas pork quotes fell significantly. Those events likely caused the overnight setback. August hog futures sank 0.55 cents to 129.40 cents/pound in early Thursday action, while December edged up 0.02 cents to 96.27.

Cotton traders seem to be awaiting events. The WASDE report looked rather bearish for the cotton outlook, but bears couldn’t sustain much downward pressure upon ICE futures. The charts still look less than favorable, but Wednesday’s action might be seen as a victory for bulls. Futures traded in mixed fashion again last night. July cotton dipped 0.36 cents to 85.15 cents/pound in Wednesday night trading, while December cotton rallied 0.27 to 77.46.