Crop progress data seems to be weighing on the markets. The Monday afternoon USDA Crop Progress report stated U.S. corn plantings at 85% complete. That was close to industry estimates, so it didn’t have a major impact. Still, ideas that the 2015 crop is off to a good, early start seemed to weigh on prices overnight. July corn futures sank 3.5 cents to $3.645/bushel Monday night, while December lost 3.5 to $3.8225.       
 
The soy complex proved generally weak as well last night. The Crop Progress report stated soybean planting progress at 45% complete as of Sunday. And while that is well ahead of normal, the result actually fell somewhat short of industry expectations. That may explain the limited size of overnight losses. Crude and palm oil weakness are once again weighing upon soyoil quotes.  July soybean futures slid 3.0 cents to  $9.515/bushel early Tuesday morning, while July soyoil sagged 0.20 cents to 32.58 cents/pound, and July meal slipped $0.5 to $307.5/ton.   
    
Wheat traders are looking for damage from excessive rains. Yesterday’s Crop Progress report indicated another improvement in winter wheat conditions, with the first report on spring wheat actually being rather low. Still, the seeming lack of damage to the winter wheat crop stemming from recent rains appeared to take the wind out of bullish sails Monday night. July CBOT wheat futures fell 9.25 cents to $5.125/bushel shortly after sunrise Tuesday, while July KC wheat tumbled 9.0 cents to $5.46/bushel, and July MWE wheat slumped 8.5 to $5.66.   
    
Cattle futures extended Friday’s losses Monday. CME cattle fell sharply last Friday, but afternoon news of firm-higher cash quotes in the southern Plains seemed supportive of yesterday’s opening. However, spot  quotes in Nebraska, Colorado and Iowa turned lower Friday evening, which apparently depressed prices again Monday. Midday beef gains probably limited the CME drop, but late news indicating mixed wholesale trading suggests another weak opening today. June live cattle futures fell 0.95 cents to 151.57 cents/pound as Monday’s CME pit session concluded, while August cattle sank 0.77 to 150.02. Meanwhile, August feeder cattle futures tumbled 1.67 cents to 216.72 cents/pound, and November feeders dropped 1.07 to 214.47.       
 
Hog futures also suffered significant Monday losses. The cash hog markets ended last week on a firm note, but concurrent pork slippage seemed to cause a resumption of last week’s late selling. Early Monday quotes
showed cash weakness and pork firmness, which didn’t help the bullish cause. Traders apparently expect steady-weak spot market action through mid-June, which would be in keeping with long-term seasonal  tendencies. Late GLOBEX action suggests a firm opening. June hog futures settled 0.95 cents lower to 82.42 cents/pound Monday, while December rose 0.35 to 70.30.     
    
Cotton futures dipped despite the slow planting pace. The weekly Crop Progress report indicated that U.S. cotton plantings were only 35% complete Sunday, which might have been viewed as bullish when compared to seasonal norms. However, the fact that excessive moisture is delaying farmer activity (after years of general drought) is probably stifling bullish reactions to that news. Another sizeable U.S. dollar advance last night is probably discouraging bulls as well. July cotton skidded 0.06 cents to 64.86 in early Tuesday trading, while December futures inched 0.01 lower to 65.17.