Corn futures couldn’t sustain early gains. Although the big stock market surge seemed very supportive of the commodity sector, corn futures proved a bearish exception Thursday morning. Ongoing harvest pressure was apparently exaggerated by talk that the EPA will bow to the reality of the blend wall and cut the 2014 ethanol production mandate. That would limit corn demand. December corn futures fell 5.35 cents to $4.3825/bushel around midsession Thursday, while May lost 5.25 cents to $4.595.

The soy complex turned mixed late Thursday morning. Talk of strong global demand for soybeans boosted prices in early trading, as did concurrent equity strength. However, beans backed away from early highs and meal turned mostly lower. Talk of a cut to the ethanol mandate and the resulting corn reversal probably undercut the soy complex as well. November soybeans remained 3.5 cents higher at $12.915/bushel just before lunchtime Thursday, while December soyoil surged 0.44 cents to 41.11 cents/pound, but December soymeal dipped $0.5 to $411.2/ton.

Wheat futures also suffered from spillover corn weakness. The Thursday morning corn reversal apparently weighed rather heavily upon wheat prices as well. Bears may also have been reacting to news that Egypt had cancelled a major wheat tender due to high prices, since that country is traditionally the world’s largest wheat importer. December CBOT wheat slid 1.5 cents to $6.89/bushel late Thursday morning, while December KCBT wheat was steady at $7.59, whereas December MGE futures inched up 1.5 cent to $7.545.

Cattle futures seemingly followed the equity markets higher. The dearth of USDA news remains a major handicap to livestock futures trading. Moreover, it may actually increase the cattle market’s sensitivity to outside influences. For example, bulls appeared to react well to bullish demand ideas inspired by today’s big stock market advance. December cattle futures climbed 0.27 cents to 132.22 cents/pound around Thursday’s lunch hour, while April rallied 0.12 to 134.80. Meanwhile, November feeder cattle jumped 1.07 cents to 167.45 cents/pound, and January surged 0.97 to 167.35.

Hogs may be suffering from seasonal pressure. Although the hog industry is also suffering from a lack of definitive cash and wholesale news, traders aren’t very optimistic at this point. That is, the cash and wholesale market traditionally prove quite weak at this time of year, because a seasonal production surge usually overwhelms diminished pork demand. Market talk is reportedly pointing in that direction at this point. December hog futures sank 0.20 cents to 86.32 cents/pound in late Thursday morning action, while April sagged 0.02 cents to 89.67.