The WASDE report depressed corn futures. Traders expected today’s USDA WASDE report to confirm general bearishness about the corn outlook, since the current crop has gotten off to a strong start. The report largely verified those suspicions, as indicated by the negative response to the data. July corn dipped 2.5 cents to $4.43/bushel shortly after the report was published Wednesday, while December slid 3.5 cents to $4.415.

The soy complex suffered a limited reaction to the WASDE data. The USDA stated the 2013/14 soy situation as being somewhat tighter than previously thought, which supported the old-crop contracts. Meanwhile, the new-crop outlook was largely unchanged, so traders didn’t push deferred futures far in either direction. July soybeans edged down 1.5 cents to $14.61/bushel late Wednesday morning, while July soyoil sank 0.21 cents to 38.73 cents/pound, and July soymeal bounced $3.5 to $488.0/ton.

The wheat markets built upon their mid-morning bearish reversal after the report. The grain industry almost surely expected today’s WASDE report to confirm the bearishness of the global situation. That seemed evident from the midmorning drop, as well as the negative post-report futures reaction. The increase in the forecast 2014/15 carryout was hardly friendly. July CBOT wheat futures dropped 8.75 cents to $5.925/bushel in late Wednesday morning trading, while July KCBT wheat fell 14.25 cents higher to $7.1175 and July MWE futures tumbled 8.25 to $6.9125.

Seasonal concerns may be returning to the cattle pit. Although beef values rose again Tuesday and seem likely to rise again today, cattle futures are showing signs of weakness. That probably reflects industry concerns about seasonally increasing cattle supplies and reduced demand after Independence Day. August cattle slipped 0.25 cents to 143.15 cents/pound around midsession Wednesday, while December stalled at 148.72. Meanwhile, August feeder cattle plunged 1.20 cents to 203.97 and October slumped 0.95 to 204.70.

Rising cash and wholesale markets are encouraging hog bulls. The hog values, as well as pork cutouts rose significantly Tuesday. Today’s cash calls are also strong. These developments have very likely persuaded traders that the long-awaited summer surge is now underway, so they’re buying CME futures rather aggressively. August hog futures skidded 0.05 cents to 129.65 cents/pound late Wednesday morning, while December jumped 1.32 cents to 96.47.