The crop markets were part of general overnight decline. The head of a large investment firm made some bearish market statements overnight, which seemed to weigh on the financial and energy sectors. Corn and soy prices also declined, which may also have reflected the large South American crops now being harvested. May corn futures slid 1.25 cents to $3.7475/bushel Wednesday night, while December dipped 1.25 to $3.9925.   
    
The soy complex remains under pressure. As in the corn market, the general market decline suffered overnight included the soybean and product markets. The CBOT slide also seemed to reflect a follow-through upon
Wednesday’s weak post-NOPA action. That is, prices struggled despite supportive crush data. Again, huge South American supplies may be depressing prices. May soybean futures sagged 3.25 cents to $9.6175/bushel
early Thursday morning, while May soyoil sank 0.08 cents to 31.72 cents/pound, and May meal skidded $0.4 to $311.1/ton.   
    
Wheat futures bucked the bearish Wednesday night trend. Although the recent decline suggests wheat might be more vulnerable to further losses than others, the golden grain markets rose modestly overnight. We harbor suspicions that traders were reacting to announcements of big tenders from Ethiopia and Japan, thereby reminding traders of underlying demand for wheat and its products. May CBOT wheat gained 1.25 cents to $4.92/bushel in early Thursday trading, while May KC wheat inched up 0.25 cent to $5.1475/bushel, and May MWE wheat added 1.0 to $5.4425.   
    
Cattle futures proved quite strong again Wednesday. The large discounts built into cattle futures may have exaggerated Wednesday’s CME resurgence. The rise seemed technical in nature, but it appeared that
wholesale firmness was encouraging bulls as well. That strong beef quotes posted late in the day also suggest a strong Thursday opening. June cattle futures surged 1.25 cents to 151.67 cents/pound at their Wednesday close, while August cattle rallied 1.02 to 149.00 cents/pound. Meanwhile, May feeder cattle futures leapt 1.62 cents to 212.42 cents/pound, and August feeders vaulted 1.47 to 214.22.    

Technical selling exaggerated Wednesday’s hog losses. The April hog contract slipped only slightly as its noon Wednesday expiration loomed, but the deferred contracts fell sharply. Sizeable futures premium probably
rendered them vulnerable to aggressive technical selling, since mid-session quotes pointed to continued spot market firmness. Flat GLOBEX action suggests a weak start to Thursday morning trading. June hog futures
plunged 3.00 cents to 75.47 cents/pound as Wednesday’s CME pit session ended, while December dropped 1.40 to 67.40.    
    
Cotton joined the generally bearish wave seen Wednesday night. Although most other New York commodities rallied in reaction to overnight statements from an investment manager, which contrasted with the general financial and commodity market reaction. However, cotton declined in concert with corn and soybeans, with traders seemingly responding to pessimism about future demand prospects. May cotton slipped 0.14 cents to
64.45 cents/pound in shortly after sunrise Thursday, while December futures moved down 0.11 to 64.95.