Corn maintained its pattern of old crop strength and new crop losses Thursday morning. The weekly USDA Export Sales report stated old-crop sales for last week at 336,600 tonnes, which easily topped forecasts. That reminded traders of the tightness of current supplies. Conversely, favorable Corn Belt conditions continued depressing the deferred contracts. July corn futures edged 0.25 cent lower to $6.6425/bushel in Thursday morning trading, while December fell 6.75 cent to $5.3725.

The soy complex diverged again Thursday morning. The tightness of the old crop soy situation was reemphasized again this morning, with cash markets remaining firm. That news apparently boosted nearby soybean futures and the whole board in the soybean meal pit. In contrast, the relatively liquid soyoil situation (pardon the pun) was apparently exaggerated by ideas it will worsen as the industry crushes beans for meal over the short run. July soybean futures surged 8.5 cents to $15.4275/bushel just before lunchtime Thursday, while July soymeal leapt $9.3 to $472.6/ton; July soyoil sank 0.15 cents to 46.48 cents/pound.

Wheat futures were decidedly mixed in early Thursday trading. The weekly USDA Export Sales report stated the latest total at 731,800 tonnes, thereby making forecasts in the 350,000-550,000 tonnes look rather small. That news seemed to send the Minneapolis market higher, whereas Chicago and Kansas City futures were mixed around unchanged levels. Anecdotal reports of surprisingly strong winter wheat yields are apparently weighing upon those markets. July CBOT wheat dipped 1.75 cents to $6.6525/bushel just before midsession Thursday, while July KCBT wheat slid 2.0 cents to $6.9225, whereas July MGE futures jumped 13.0 cents to $8.12.

Cattle traders seemingly suspect cash prices have posted their 2013 lows. Although cash trading is not expected until Friday afternoon, CME traders pushed the Chicago market higher again Thursday morning. The late morning USDA report indicating a significant bounce in beef cutout probably encouraged a portion of that buying, but the industry now seems to believe the mid-2013 cash lows are now in. August cattle gained 0.70 cents to 122.87 cents/pound by late Thursday morning, while December climbed 0.52 cents at 127.90. Meanwhile, August feeder futures surged 0.82 cents to 149.75 cents/pound, and November ascended 0.87 cents to 154.65.

Pork strength probably boosted hog futures in early Thursday trading. CME traders rather obviously think seasonal weakness will depress the hog and pork complex over the short term. However, the wholesale market has refused to cooperate with bears, with pork cutout soaring again on the midday report. Whether the ongoing wholesale advance can be sustained beyond Independence Day is very much open to question. July hog futures spiked 1.05 cents to 101.00 cents/pound just before the noon hour Thursday, while the December contract added 0.20 to 82.80.