The corn rally has stalled. Disappointing results on the weekly Export Sales report seemed to bring the recent corn rally to a grinding halt. Bulls now seemingly face increased resistance, as evidenced by the lack of strength exhibited overnight, despite across-the-board soy gains. We probably shouldn’t be surprised if long liquidation dominates today’s trading. December corn futures stalled at $3.7425/bushel early Friday morning, while May lost 0.25 to $3.955.

Talk of supply tightness boosted the soy complex again Thursday night. Although the U.S. is harvesting a massive soybean crop, that isn’t translating into lower prices. Slow farmer selling and the tight rail situation are apparently strangling the flow of beans and products to users, thereby spurring price gains. November soybean futures bounced 7.25 cents to $10.315/bushel in predawn Friday trading, while December soyoil rallied 0.16 cents to 34.47 cents/pound, and December soymeal climbed $5.7 to $385.7/ton.

Renewed Russian selling is reportedly weighing on wheat markets. Although the new crop situations in Australia and the Black Sea region are encouraging wheat bulls, the latest Russian news was less friendly. Wire service sources say Russian wheat is once again entering the glutted global market after several weeks of absence. U.S. wheat futures are sliding as a result. December CBOT wheat sank 2.25 cents to $5.3375/bushel Thursday night, while December KC wheat sagged 2.25 to $5.9975/bushel, and December MWE wheat slipped 1.5 to $5.765.

Cattle futures staged an impressive Thursday afternoon rally. Cattle futures staggered around early this week as traders worried about seasonal weakness. Yesterday’s beef slippage didn’t help. Nevertheless, futures closed very strongly, which probably reflected optimism about late-week cash trading. Late afternoon gains imply a bullish follow-through on today’s opening. December live cattle futures ended Thursday’s pit session having advanced 0.57 cents to 167.32 cents/pound, while April futures climbed 0.62 to 166.17. Meanwhile, November feeder cattle futures leapt 1.17 cents to 234.22 cents/pound, and January feeders gained 0.52 cents to 228.47.

Fresh spot market losses again depressed hog futures Thursday. Pork prices couldn’t sustain Wednesday’s bounce and ended the day with sizeable losses. Cash hog prices looked weak, which contributed to pit session losses. However, they were stated mixed on late afternoon USDA reports. That news, along with late electronic gains seemingly bodes well for today’s opening. December hog futures plunged 1.40 cents to 87.20 cents/pound as Thursday’s pit session ended, while April hogs dropped 1.05 to 88.05.

Cotton futures continue testing support. December cotton is apparently having a hard time sustaining Wednesday’s apparent breakout to the upside, having fallen back to its 40-day moving average yesterday despite good economic news and a big stock rally. Wire service sources cite producer selling for the persistent slippage seen the past two days. December cotton futures dipped 0.11 cents to 64.39 cents/pound around dawn Friday, while March futures skidded 0.14 cents to 62.88.