Corn proved steady-higher Thursday night. Little fresh news concerning corn emerged overnight, but traders didn’t seem to key upon the outstanding start to the 2015 U.S. corn crop. That may reflect the USDA’s monthly WASDE report scheduled for release next Tuesday. The fact that it will hold the department’s first look at the 2015/16 outlook may be causing widespread position squaring. July corn futures inched up 0.5 cent to $3.62/bushel shortly after dawn Friday, while December added 0.25 to $3.7725.   
    
The soy complex again traded mixed last night. As in the other markets, there was little news concerning soybeans overnight. We also suspect traders are beginning to adjust soybean and product positions ahead of the May 12 WASDE report. Still, talk of big weekend rainfall might easily be seen as triggering a farmer shift to bean planting, as well as improving productive potential. Crude oil strength once again provided support for soyoil. July soybean futures slid 1.25 cents to $9.7375/bushel early Friday morning, while July soyoil ran up 0.16 cents to 32.65 cents/pound, and July meal slipped $1.4 to $313.0/ton.   
    
Crop tour results may be supporting the wheat markets. The Wheat Quality Council’s annual wheat tour wrapped up Thursday, with the resulting Kansas HRW production forecast at 288.5 million bushels. That easily
topped the year-ago total, but fell short of expectations. Thus, the overnight rally wasn’t terribly surprising. July CBOT wheat futures gained 2.5 cents to $4.7525/bushel Thursday night, while July KC wheat rose 2.5 cents to $5.0225/bushel, and July MWE wheat edged 2.0 higher to $5.3275.      
 
Cattle futures continued struggling Thursday. Trader ideas that short-term beef buying might boost cattle prices garnered little backing from mid-week wholesale data, which apparently triggered aggressive selling at
the CME. Bears sent the nearby June contract sharply lower just after the opening, but weren’t able to sustain the downward momentum. Rising afternoon beef quotes and GLOBEX strength point to a higher opening today. June live cattle futures dove 0.85 cents to 149.72 at Thursday’s CME close, while August cattle sagged 0.65 to 148.27. Meanwhile, May feeder cattle futures bounced 0.40 cents to 214.90 cents/pound, and August feeders skidded 0.07 to 216.80.       
 
Hog futures seemed to stall at chart resistance. Traders looking for pause in the recent hog and pork rally sold CME hogs yesterday, due in part to the size of recent gains and to the premiums built into nearby futures. Talk of persistent pork strength likely limited losses. Ultimately, most active June futures faces pivotal chart resistance around 84.00. Afternoon spot quotes were quite strongly, but late market action wasn’t encouraging. June hog futures closed 0.55 cents lower at 83.50 cents/pound Thursday afternoon, while December bounced 0.10 to 70.30.    
    
Cotton traders may also be squaring positions. The cotton market also lacked for overnight. We suspect Thursday’s moderate stock market rise and continued strength in equity index futures last night are offering support for fiber values. Still, in the wake of recent losses and the WASDE report looming Tuesday, traders were probably covering shorts as well. July cotton climbed 0.16 cents to 65.69 around noon in early Friday
trading, while December futures crept up 0.05 to 65.48.