Big equity losses weighed on the ag markets Wednesday. Tuesday’s weekly USDA Crop Progress indicated the corn harvest was farther along than expected, which weighed on CBOT futures in early trading. However, today’s late corn weakness probably exemplified a bearish commodity reaction to big losses in the equity markets, since those imply a weak demand outlook. December corn futures dropped 9.5 cents to $3.475/bushel at their Wednesday close, while May slumped 9.5 cents to $3.695.

Soybean and oil futures also came under pressure. The Crop Progress report showed the soybean harvest advanced 20% last week, which was much farther along than expected. Today’s equity index and crude oil losses likely depressed on beans and soyoil, whereas the dollar drop probably cushioned the bearish impact. Talk of firm demand apparently boosted meal. November soybean futures tumbled 12.25 cents to $9.525/bushel in late Wednesday trading, while December soyoil dove 0.89 cents to 31.98 cents/pound, but December soymeal moved up $3.3 at $327.3.

The wheat markets proved surprisingly stable. The Crop Progress report had little impact upon the wheat outlook, which left futures open to outside influences. Thus, early corn, bean and stock losses probably weighed on prices. However, the belated break in the value of the dollar seemed supportive, since that makes U.S. grain more competitive on global markets. December CBOT wheat closed 3.25 cents lower at $5.06/bushel Wednesday, while December KC wheat gained 1.75 cents to $5.92/bushel, and December MWE wheat rose 0.5 to $5.6475.

Equity losses probably undercut cattle futures as well. Cattle futures traded firmly Tuesday night, possibly due to Tuesday’s late rise in choice beef cutout. However, continued equity losses almost surely weighed on CME prices today, since such big stock drops bode ill for the economic outlook and red meat demand. December live cattle futures dove 1.45 cents to 162.47 cents/pound at Wednesday’s close, while April futures plunged 2.80 to 160.10. Meanwhile, November and January feeder futures plummeted the daily 3.00-limit to 234.15 cents/pound and 228.12, respectively.

Big pork losses spark torrid hog selling. The cash hog markets declined modestly Tuesday, but a stunning 4.5-cent plunge in pork cutout values very likely provided the real downward impetus to prices. Big equity losses didn’t help the bullish cause either. December and April hog futures posted respective 3.00-cent crashes to 91.92 and 89.00 cents/pound.