Dollar strength may be weighing on the crop markets. The weekly USDA Export Sales report looked supportive of corn, especially after another daily export sales announcement was made earlier. However, early news that Switzerland had removed their cap on the value of the franc, which depressed the euro and spurred fresh gains in the value of the dollar. That isn’t good news for crop export prospects. March corn futures bounced edged down 1.0 cent to $3.80/bushel late Thursday morning, while July slipped 0.5 to $3.945.

Beans and meal are leading the crop markets lower. The soybean result on the weekly USDA export report once again topped forecasts. Moreover, a private firm cut its projection for 2015 U.S. bean acreage. Nevertheless, beans and meal were under pressure most of the morning, then declined further in response to the NOPA Crush report. One has to suspect fund selling, technical factors and U.S. dollar strength were weighing on those markets. Oil proved surprisingly firm. March soybean futures dove 17.75 cents to $9.915/bushel just before lunchtime Thursday, while March soyoil rose 0.10 cents to 32.92 cents/pound, and March meal tumbled $8.1 to $327.4/ton.

The latest Egyptian shutout probably undercut the wheat markets. The Export Sales report was neutral-bearish for the wheat market, but was likely forgotten after traders heard that French sources had dominated the latest Egyptian tender and U.S. sellers were again shut out. The dollar strength may have added to the pressure. March CBOT wheat fell 7.0 cents to $5.3075/bushel around midsession Thursday, while March KC wheat slid 1.75 cents to $5.7325/bushel, and March MWE wheat skidded 2.0 to $5.785.

The latest Egyptian shutout probably undercut the wheat markets. The Export Sales report was neutral-bearish for the wheat market, but was likely forgotten after traders heard that French sources had dominated the latest Egyptian tender and U.S. sellers were again shut out. The dollar strength may have added to the pressure. March CBOT wheat fell 7.0 cents to $5.3075/bushel around midsession Thursday, while March KC wheat slid 1.75 cents to $5.7325/bushel, and March MWE wheat skidded 2.0 to $5.785.

CME hogs held up surprisingly well Thursday morning. Renewed optimism about the price outlook seemed to spur yesterday’s big rebound in hog futures. However, after acting better lately, pork cutout suffered some rather sizeable losses this morning. Cash quotes were scarce, so ideas about country firmness may be providing support. February hog futures inched 0.02 cents lower to 76.00 cents/pound at midday Thursday, while June hogs lifted 0.17 cents to 88.42.

Cotton traders seemingly anticipated the big export result. The weekly Export Sales report stated last week’s cotton result at 441,800 bales, which marked a high for the current crop year. The total far exceeded recent figures and seemed likely to spark an ICE market surge. Futures did rally momentarily but were trading slightly below early-morning levels by midsession. Pragmatic traders may take that as a sell signal. March cotton futures had climbed 0.31 cents to 59.29 cents/pound just after noon (EST) Thursday, while the July contract crept up 0.05 to 60.92.