Corn futures suffered follow-through slippage overnight. Although the expiring September contract seemed to benefit from cash market firmness Thursday night, its deferred counterparts moved slightly lower. That probably reflected follow-through selling in the wake of yesterday’s bearish crop reports from the USDA. December corn dipped 2.25 cents to $4.64/bushel early Friday morning, while May sagged 1.5 cents to $4.8525.

The soy complex was decidedly mixed in early Friday trading. Most soybean contracts declined to varying degrees overnight, which wasn’t terribly surprising after Thursday’s big surge. Meanwhile, palm oil weakness seemed to weigh upon soyoil values. Conversely, cash firmness appeared to support the meal market. November soybeans skidded 0.75 cent to $13.9525/bushel by Thursday’s settlement, while October soyoil lost 0.16 cents to 42.62 cents/pound, and October soymeal rose $0.9 to $450.1/ton.

The wheat markets gave back a portion of Thursday’s gains this morning. Despite the generally bearish wheat market implications of yesterday’s USDA reports, they followed soybeans higher. However, those bearish factors and spillover weakness from the corn market appeared to weigh upon them overnight. December CBOT wheat dropped 5.5cents to $6.475/bushel just after dawn Friday, while December KCBT wheat sank 4.5 cents to $6.9725, and December MGE futures slid 2.25 cents to $7.125.

Cash news apparently boosted cattle futures Thursday night. Recent wholesale slippage has tended to discourage cattle traders, which daily shifts in CME futures have reflected. However, contrary to those pessimistic expectations, fed cattle reportedly changed hands at steady money ($123/cwt) in the Southern Plains yesterday evening, thereby prompting the moderate overnight rebound. October cattle futures rallied 0.52 cents to 125.35 cents/pound early Friday morning, while December added 0.37 to 129.00. Meanwhile, October feeder cattle advanced 0.35 cents to 158.95 cents/pound, and January crept up 0.10 cents to 159.20.

The CME hog market also benefited from cash strength. Recent cash and wholesale strength encouraged hog traders again Thursday morning, but bulls weren’t able to sustain the early gains. Talk of falling pork prices probably dragged Chicago prices downward. However, the cash markets proved quite strong again yesterday afternoon, which seemingly sparked fresh buying. October hog futures climbed 0.52 cents to 90.72 cents/pound in early Friday morning action, while December ran up 0.47 cents to 87.75.

Cotton futures also lost ground overnight. Thursday’s USDA news held mixed implications for the cotton outlook, with the weekly Export Sales report proving bullish and the late-morning crop reports having negative connotations for fall-winter price prospects. Late gains seemed to be powered by bullish spillover from the soybean pit, so it was hardly surprising to see cotton set back in concert with beans last night. December cotton futures were steady at 84.75 cents/pound around sunrise Friday, while March lost 0.02 to 84.41.