Accelerating plantings continue weigh on corn prices. Although Thursday’s export data seemed to disappoint bulls, the ongoing weakness suffered by the yellow grain very likely stems from talk of surging spring planting. Not only does the rapid pace improve fall yield prospects, it suggests farmers will plant more corn instead of switching to soybeans. July corn futures slipped 1.25 cents to $3.65/bushel Thursday night, while December lost 1.5 to $3.82.   
The soy complex traded mixed Thursday night. Argentine strike news, including a arson attack on a soy oil plant, is probably supporting the soy complex at this point. Soyoil posted surprising overnight gains, possibly in response to the Argentine situation. Beans and meal seem to be resting on significant moving average support. July soybean futures skidded 0.5 cents to $5.755/bushel shortly after sunrise Friday, while July soyoil bounced 0.10 cents to 31.76 cents/pound, and July meal slid $0.4 to $315.7/ton.   
Short-covering may have supported wheat markets overnight. Rapid spring wheat plantings may be weighing on wheat futures as well, but Thursday’s news that last week’s cancellations had far outweighed fresh export sales was the real cause of golden grain losses. Prices rebounded modestly last night despite a lack of supportive news, thereby suggesting short-covering by heavily sold futures funds powered the bounce. July CBOT
wheat futures gained 0.25 cent to $4.7425/bushel in early Friday trading, while July KC wheat added 2.0 cents to $5.01/bushel, and July MWE wheat lifted 3.25 to $5.4125.   
Spot market concerns may have depressed cattle futures Thursday. Beef cutout values were quoted mixed-to-higher early this week, but emerging weakness seemed to undercut CME futures yesterday. The Chicago market seemed to suffer an inordinate bearish reaction, with traders apparently
focusing upon the possibility of a sizeable cash market decline before the weekend. Sideways GLOBEX action suggests a stable opening today. June live cattle futures dove 1.20 cents to 149.70 cents/pound in late Thursday action, while August cattle fell 1.05 to 148.10. Meanwhile, May feeder cattle futures slipped 0.07 cents to 212.97 cents/pound, and August feeders stabilized at 214.70.    
Cattle losses undercut CME hogs at midsession. Cash hog prices continued their ongoing surge yesterday, with pork quotes seconding big gains. The nearby May contract remained strong through the day, but deferred hog futures set back sharply from early highs around midsession. That almost
surely reflected selling spilling over from the early drop in cattle prices. The afternoon comeback continued later in the day, which bodes well for early Friday action. June hog futures rose 0.22 cents to 81.42 cents/pound as Thursday’s CME pit session ended, while December sagged 0.35 to 68.65.    
Cotton edged higher again Thursday night. The lack of supplies deliverable against ICE cotton futures seemingly continues providing underlying support for the market. Thursday’s Export Sales data also seemed quite supportive. Persistent U.S. dollar weakness after this week’s violation of long-term support on the dollar index chart may also be encouraging bulls. July cotton rose 0.07 cents to 67.95 cents/pound early Friday morning, while December futures rallied 0.23 to 66.87.