Technical selling may have exaggerated Thursday’s corn losses. The outstanding start for the 2015 U.S. corn crop clearly depressed CBOT futures today, despite another strong result on the weekly USDA Export Sales report. The fact that bulls couldn’t penetrate 10-day moving average resistance yesterday and again this morning probably triggered aggressive technical selling as well. July corn futures closed 5.25 cents lower at $3.615/bushel Thursday, while December lost 5.5 to $3.77.   
    
The soy complex also turned mostly lower. Soybean oil futures continued sliding in concert with the crude oil market today, which in turn seemed to weigh on soybeans. Meal proved surprisingly firm, thereby  seeming to reflect the strong soy results on the Export Sales report. Wire service sources also cited surging planting rates for the bean weakness. July soybean futures ended Thursday having slumped 7.5 cents to $9.75/bushel, while July soyoil tumbled 0.43 cents to 32.49 cents/pound, and July meal inched up $0.2 to $314.4/ton.   
    
Country conditions apparently weighed on the wheat markets as well. The Wheat Quality Council’s annual wheat tour is wrapping up today, with anecdotal reports indicating improving crop potential as teams head for KC. That probably explains the winter wheat losses, whereas forecasts for widespread precipitation over the northern Plains appeared to undercut Minneapolis quotes. July CBOT wheat futures dropped 6.5 cents to $4.7275/bushel as Thursday’s trading ended, while July KC wheat sank 3.75 cents to $4.9975/bushel, and July MWE wheat slid 8.0 to $5.3075.   
    
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. 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. One has to suspect that traders looking for pause in the recent hog and pork rally sold CME hogs today, due in part to the size of recent gains and to the premiums built
into nearby futures. On the other hand, persistent pork strength stated at noon likely limited losses. Ultimately, most active June futures seem to face pivotal chart resistance around 84.00. June hog futures stumbled 0.55 cents lower to 83.50 cents/pound Thursday afternoon, while December bounced 0.10 to 70.30.    
    
Poor export news sank cotton futures. The cotton market began Thursday’s trading rather weakly, then accelerated downward in reaction to the USDA Export Sales report. It indicated that last week’s sales, at just 19,800 bales fell 84% and 73% of the comparable week-ago and four-week average results, respectively. The rebounding U.S. dollar and failed technical support probably added to the pressure. July cotton tumbled 0.33 cents to 65.53 around noon (EDT) Thursday, while December futures dropped 0.34 to 65.43.