Weather news again seems to be weighing on corn futures. Although the grain markets held up surprisingly well in the wake of Tuesday’s bearishly construed WASDE report, prices are slipping today. Wire service
sources cited the midweek window for plantings for pushing prices lower. Meanwhile, weekend rains seem quite conducive to a large fall harvest. July corn futures slid 2.25 cents to $3.5875/bushel late Wednesday
morning, while December declined 1.0 to $3.75.   
    
Soyoil is diverging from modest bean and meal gains. After performing quite poorly in the wake of Tuesday’s WASDE report, soybeans and meal have subsequently rebounded. Concerns about slowing planting rates, as well as the potential for cold damage to beans growing in northern areas are reportedly offering support. Tuesday night palm oil weakness weighed on soyoil futures, whereas today’s big U.S. dollar drop may be providing support. July soybean futures bounced 3.75 cents to $9.5925/bushel just before lunchtime Wednesday, while July soyoil skidded 0.03 cents to 32.94 cents/pound, and July meal rose $1.2 to $304.6/ton.   
    
The wheat markets turned significantly lower. Tuesday’s USDA numbers seemed bearish for the wheat outlook, but futures performed surprisingly well in Tuesday’s post-report action. However, bulls couldn’t sustain
the rise, with the late-day slide seeming to do considerable damage to technical and pragmatic optimism about short-term prospects. Good growing weather, as well as the negative consequences of late market action apparently took a toll this morning. July CBOT wheat futures fell 8.25 to $4.7225/bushel around midsession Wednesday, while July KC wheat sank 9.0 cents to $4.9875/bushel, and July MWE wheat lost 4.5 to $5.32.   
    
Cattle futures are texting overhead resistance. Wholesale beef prices have remained quite strong lately, which probably reflects grocery industry buying for planned Memorial Day features. The industry expects prices to slide later this month, but futures have already anticipated substantial losses. Thus, the June contract is testing overhead resistance. June live cattle futures advanced 0.60 cents to 152.07 cents/pound in late Wednesday morning action, while August cattle ran up 0.60 to 150.25 Meanwhile, August feeder cattle futures inched up 0.07 cents to 216.52 cents/pound, but November feeders jumped 1.02 to 214.40.    
    
Hog futures continue struggling to sustain their recent rally. Tuesday’s strong performance and big afternoon pork gains seemed to set the stage for a follow-through surge in CME hogs. But that hasn’t happened, with most contracts trading underwater all day. This probably reflects industry suspicions that the size of the early-spring rally, and large supplies will limit gains from this point. June hog futures stumbled 0.47 cents to 84.57 cents/pound as the lunch hour loomed Wednesday, while December sagged 0.50 to 70.10.    
    
Cotton futures are trying to bounce from major support. Concerns about the U.S. economy, export demand and much improved moisture conditions in the southern Plains have recently seemed to depress cotton market. However, the most-active July and December contracts have reached the confluence of their 40-day moving averages and the 65.00-cent area, which may explain today’s firmness. Still, bulls may need some favorable news before looking to buy more aggressively. July cotton gained 0.03 cents to 65.05 just after noon (EDT) Wednesday, while December futures rallied 0.21 to 65.04.