The crop markets are starting the week on a down note. The crop markets are hurting for substantive news to start the week. In its absence traders are apparently anticipating a major harvesting surge on this afternoon’s weekly USDA Crop Progress report, thereby implying greatly increased supplies now available. December corn futures slid 3.25 cents to $3.4975/bushel Sunday night, while May lost 3.5 to $3.7175.

The soy complex is also under early-Monday pressure. Expectations for a jump in harvest progress on this afternoon’s Crop Progress report also appear to be depressing the soy complex. Weakness spilling over from the palm and crude oil markets is also weighing on soy oil quotes. November beans seem likely to test support around their 40-day MA today. November soybean futures slumped 6.25 cents to $9.7125/bushel in early-Monday trading, while December soyoil dipped 0.21 cents to 32.18 cents/pound, and December soymeal sagged $2.7 to $347.5/ton.

The wheat markets are following corn and beans lower. There was little weekend news concerning wheat, although talk that China will crack down on grain smuggling may have played a role in the Sunday night slippage. With global harvesting likely at a near standstill at the moment, that leaves golden grain markets open to the influence of corn and soybeans. December CBOT wheat sank 2.75 cents at $5.15/bushel early Monday morning, while December KC wheat stumbled 3.0 cents to $5.9075/bushel, and December MWE wheat dropped 2.25 to $5.6475.

Beef losses may have undercut cattle futures last Friday. Despite news that beef packers paid $170/cwt (cents/pound) for southern Plains cattle Thursday afternoon, CME cattle futures performed quite poorly Friday. That very likely reflected the late-week drop in wholesale prices, which implies reduced packer demand in the short run. The afternoon Cattle on Feed report was neutral, so we expect little reaction today. December live cattle futures plunged 2.20 cents to 166.90 cents/pound as Friday’s CME session ended, while April futures plummeted 2.27 to 164.77. Meanwhile, November feeder cattle futures crashed 2.05 cents to 234.65 cents/pound, whereas January feeders dove 2.07 cents to 228.90.

Talk of reduced slaughter may have boosted CME hogs Friday afternoon. Although the cash and wholesale markets reportedly remained under considerable pressure Friday, the nearby December future posted a strong performance. That may have reflected industry expectations for a surprisingly low weekly kill, down 46,000 (about 2%) from last week. December hog futures jumped 1.52 cents to 90.25 cents/pound in late Friday action, while April hogs ran up 0.65 to 89.20.

Cotton is facing technical resistance. In addition to the slippage seen Sunday night in the grain and soy markets, modest stock losses implied by Sunday night declines in equity index futures, are weighing on cotton futures. Bulls also face significant moving average resistance at slightly higher levels. December cotton futures fell 0.42 cents to 63.39 cents/pound shortly after dawn Monday, while March futures lost 0.32 cents to 61.85.