The crop markets declined Wednesday night. Little news concerning corn emerged overnight, which may be one reason the yellow grain followed beans and wheat lower. One significant development was the FAO’s release of revisions to its global cereals outlook, with the big shift being a 14.8 million tonne increase in predicted global carryout at the end of the 2015 crop year. May corn futures slipped 1.75 cent to $3.80/bushel early Thursday morning, while December sagged 1.25 to $4.0575.

Talk of incipient Argentine production is weighing on the soy complex. Soy traders have recently focused upon the U.S. outlook, but that hasn’t kept South American producers from harvesting their huge crops. They regained the stage overnight with the advent of Argentina’ harvest, which promises to be quite large. May soybean futures slumped 4.25 cents to $9.855/bushel Wednesday night, while May soyoil declined 0.05 cents 30.64 cents/pound, and May meal slid $1.8 to $330.1/ton.

The FAO numbers apparently depressed wheat markets. Wednesday’s big wheat recovery from Tuesday’s post-report losses was impressive, but probably made traders wonder if they were overdone. That may partially explain the general overnight slippage, especially in light of the FAO’s big boost to projected cereal grain stockpiles later this year. May CBOT wheat edged 0.25 cent lower to $5.2825/bushel as the sun rose over Chicago Thursday morning, while May KC wheat skidded 2.25 cents to $5.6975/bushel, and May MWE wheat lost 2.5 to $5.88.

Cattle futures turned mixed in late Wednesday trading. Cash and wholesale strength have seemed bullish for cattle futures lately. However, futures again proved surprisingly weak yesterday, with most 2015 contracts falling below unchanged levels later in the day. The expiring April contract rose late, but traders apparently expecting sizeable seasonal losses kept pressure upon the deferreds. Fresh afternoon beef gains seem likely to spur fresh CME gains on today’s opening. June cattle futures slipped 0.10 cents to 152.22 cents/pound as Wednesday’s CME pit session ended, while August cattle sagged 0.32 to 149.17 cents/pound. Meanwhile, May feeder cattle futures slid 0.25 cents to 216.65 cents/pound, and August feeders sank 0.35 to 217.92.

CME hogs traded firmly again Wednesday. Recent news from the cash hog and wholesale pork markets has proven generally mixed, with few sizeable shifts in either direction. But after having suffered omnipresent losses since last summer, deeply depressed hog futures have recently refused to keep dropping. Traders are apparently anticipating a big second quarter rally. Although pork prices declined, Wednesday afternoon cash gains seemingly presage a firm opening. June hog futures settled 0.45 cents higher at 76.25 cents/pound Wednesday, while December advanced 0.87 to 66.97.

Talk of reduced inventories seemed to trigger cotton buying. In contrast to the FAO’s increase in predicted grain stockpiles, the International Cotton Advisory Committee reduced its projection for global inventories this year, thereby seeming to provide a modest boost to fiber prices overnight. May cotton rallied 0.47 cents to 63.05 cents/pound in early Thursday trading, while December futures gained 0.25 to 64.16.