Crop futures extended Wednesday’s losses this morning. Anticipation of a huge U.S. corn crop heightened Wednesday, thereby triggering a drop to fresh lows. The drop resumed today, despite early news of a sizeable corn sale to an unknown destination. December corn futures slumped 6.0 cents to $3.46 late Thursday morning, while May dropped 6.25 to $3.675.

The soy complex is trading mixed. Wednesday’s soy action wasn’t encouraging either, since all signs point to a massive U.S. harvest this fall. Bulls took some comfort from the fact that bean futures bounced from Wednesday’s lows and from overnight palm oil gains. However, as in the corn pit, beans and meal resumed their breakdown today. November soybean futures fell 14.0 cents to $10.06/bushel around midsession Thursday, while October soyoil rallied 0.24 cents to 32.00 cents/pound, and October soymeal tumbled $12.1 to $351.7/ton.

Trading in the wheat markets seemed confused Thursday morning. The easing of tensions in the Ukraine undercut wheat futures Wednesday, with the weakness persisting overnight. Early-morning news of a large Russian military presence in Ukraine seemingly sparked a temporary Chicago wheat bounce, whereas the KC market has traded consistently higher. We suspect short covering is offering support. December CBOT wheat dipped 3.25 cents to $5.325/bushel just before lunchtime Thursday, while December KC wheat advanced 4.5 cents to $6.2125/bushel, and December MWE wheat sagged 2.5 to $6.0775

Cattle futures turned lower from early highs. Talk of rising packers bids apparently spurred the big early gains posted by live cattle futures this morning. The nearby October contract remained quite strong, but deferred futures reversed and had moved lower on the day around midsession. Wire service sources cited widespread profit-taking by bulls. October live cattle futures jumped 1.67 cents to 157.10 cents/pound in late Thursday morning trading, while December futures slipped 0.05 to 157.95. Meanwhile, October feeder futures fell 0.45 cents to 221.32 cents/pound and January feeders dove 1.50 to 213.82.

CME hogs followed the cattle market’s lead. Talk of short-term cash strength is apparently spurring continued strength in nearby October hog futures. However, long liquidation and talk of increased 2015 production seemed to undercut the deferred contracts. October hogs soared 2.42 cents to 103.52 cents/pound as the lunch hour loomed Thursday, while December slid 0.65 to 92.45.