Current rains seem to be supporting the crop markets. The rainfall that has dominated the central U.S. this week will continue today, thereby adding to ideas that the wet conditions will diminish the ongoing harvest. Corn prices rose in concert with beans and wheat overnight. December corn futures rallied 3.75 cents to $4.34 early Thursday morning, while May futures added 4.0 cents to $4.54.

Asian news probably added to the bullish atmosphere in the soy complex. As with corn, the persistent rains crossing the Midwest may be diminishing the potential U.S. bean harvest. But traders could also point to firm Asian oil markets Wednesday night and to a 20% cut in forecast Indian soymeal exports. November soybean futures surged 10.25 cents to $12.9775/bushel in pre-dawn Thursday trading, while December soyoil climbed 0.19 cents to 41.81 cents/pound, and December soymeal advanced $3.3 higher to $415.1/ton.

Wheat futures also edged upward. The “rains in the Plains” might be viewed as bearish for the wheat outlook, since those are probably boosting winter wheat production prospects down the road. Still, it isn’t terribly surprising to see prices rallying in concert with corn and beans. December CBOT wheat futures rose 0.25 cent to $6.7525/bushel in early Thursday action, while December KCBT wheat futures edged up 1.0 cent to $7.4875, and December MWE futures gained 1.25 to $7.3325.

Zilmax news probably sparked cattle buying Wednesday night. Despite talk of dwindling beef demand, wholesale prices continued their late surge yesterday afternoon. The resulting cattle futures reaction to that news was likely encouraged by overnight Zilmax news. Cargill announced that it wouldn’t resume processing animals given the growth additive until Asian customers accepted its use. Later, South Korean officials announced that they will probably accept some level of usage down the road. The implied supply reduction/demand increase seem supportive. December cattle lifted 0.30 cents to 133.42 cents/pound around dawn Thursday, while April improved 0.27 to 134.22. November feeder cattle slipped 0.10 cents to 164.85 cents/pound, whereas January feeders inched up 0.07 to 164.87.

Sliding cash and wholesale prices continued weighing upon hog values. After being call firm Wednesday morning, late-afternoon reports stated cash hog prices moderately lower. Pork prices dropped quite sharply as well. Bullish traders have to be worried about the potential for substantial seasonal losses in early November. December hog futures slumped 0.27 cents to 90.12 cents/pound in early Thursday trading, while April sank 0.25 cents to 94.20 cents/pound.

Rainy weather may also be boosting oversold cotton futures. Harvest pressure has apparently depressed cotton prices lately, with the nearby contracts reaching deeply oversold levels this week. The possibility that current rains will hurt fiber still in the bolls, as well as concurrent crop market gains, probably played a significant role in the overnight rebound. December cotton futures bounced 0.44 cents to 78.28 cents/pound around sunrise (EDT) Thursday, while March cotton ran up 0.47 to 80.30.