Corn futures traded mixed to lower Wednesday night. Little news concerning corn emerged overnight, which invited traders to look to outside forces for direction. Ideas that the 2015 crop will be planted on time are apparently weighing on deferred contracts, but strength spilling over from the soy and wheat complexes. The $3.70 level on the May chart also represents strong technical support. May corn futures edged up 0.5 cent to $3.7325/bushel as the sun rose over Chicago Thursday, while December stalled at $3.975.   
Brazilian strike news boosted the soy complex. Soybeans and oil have been trading sideways for weeks, with traders seeming to be looking for real news to give prices direction. Meal has worked generally lower, thereby likely reflecting rampant South American supply. However, Brazil’s truckers who badly disrupted transport in the first quarter plan to restart their strike after getting no concessions from the government or trucking companies. That news rather clearly supported prices overnight. May soybean futures climbed 4.5 cents to $9.75/bushel early Thursday morning, while May soyoil bounced 0.23 cents to 31.79 cents/pound, and May meal gained $1.7 to $317.2/ton.   
The wheat markets are proving surprisingly strong.  Wheat futures rallied rather substantially overnight, with the reason for the rise not readily apparent. The latest weather model runs suggest plentiful southern Plains moisture early next week, which might easily have undercut prices. Ultimately, we wonder if talk of ‘pent-up’ demand for heavily tariffed Russian wheat is encouraging bulls. May CBOT wheat futures rallied 2.5 cents to $5.0125/bushel Wednesday night, while May KC wheat advanced 6.5 cents to $5.185/bushel, and May MWE wheat added 4.0 to $5.4775.     
Cattle futures stabilized after posting early Wednesday losses. Cattle futures attempted to follow-through upon Monday’s big breakdown in early Wednesday action, but prices recovered from morning lows. The bounce probably reflected industry talk of wholesale strength, but technicians still seem to be looking toward lower levels. Firm GLOBEX trading seemingly implies a firm opening today. June cattle futures ended Wednesday having tumbled 0.70 cents to 146.02 cents/pound, while August cattle slumped 0.60 to 144.85. Meanwhile, May feeder cattle futures declined 0.22 cents to 206.75 cents/pound and August stumbled 0.17 lower to 208.45.    
Lost spot market momentum weighed on CME hogs. The hog market performed rather well after spot quotes seemed to bottom in early April. But the cash and wholesale rallies have clearly slowed this week, thereby enabling technical bears to force nearby futures back under major moving average resistance Wednesday. Weak afternoon pork results suggest a lower opening this morning. June hog futures plunged 1.65 cents to 75.95 cents/pound as the CME pit session ended Wednesday, while December dove 1.35 to 67.02.      
Cotton futures bounced from technical support. ICE cotton prices posted their seventh consecutive decline Wednesday, thereby seeming to render them rather oversold on a short-term basis. General stability in the financial markets also robbed traders of guidance from that direction, so the overnight rebound wasn’t terribly surprising, especially with the nearby contracts revisiting pivotal chart support this week. May cotton rose 0.11 cents to 62.60 cents/pound in early Thursday trading, while December futures moved up 0.37 to 63.64.