The USDA Crop Progress report weighed on the crop markets. As expected, Monday’s late USDA Crop Progress report showed good grain and soy planting activity, with most results far exceeding normal and above most industry estimates. For example, corn planting was reportedly 75% complete Sunday, versus the 10-year average at 61% and forecasts averaging 73%. Futures sagged in response. July corn futures dipped 2.0 cents to $3.585/bushel Monday night, while December lost 1.5 to $3.74.   
    
Soyoil is again diverging from weak beans and meal. U.S. soybean plantings are also off to a strong start, thereby tending to weigh on new-crop prices. However, overnight U.S. dollar weakness, which seemingly reflected concerns about a slowing American economy, seemed to be stifling selling, as is the looming (11:00 AM CDT) release of the monthly USDA WASDE (Supply/Demand) report. Meal apparently remains on the wrong side of crush spreading as soyoil followed crude and palm quotes higher. July soybean futures slid 0.25 cent to $9.7375/bushel shortly after sunrise Tuesday, while July soyoil gained 0.27 cents to 33.46 cents/pound, and July meal skidded $1.0 to $309.2/ton.   
    
The wheat markets are also feeling post-report pressure. Not only did the Crop Progress report indicate that spring wheat plantings are essentially complete, it held another modest upward bump in winter wheat condition ratings. Actually, overnight U.S. dollar losses may have limited the bearish reaction, but traders probably aren’t in any mood to push prices far before the late-morning release of the monthly WASDE report. July CBOT wheat futures stalled at $4.81/bushel early Tuesday morning, while July KC wheat edged 2.0 cents lower to $5.0675/bushel, and July MWE wheat sagged 0.25 to $5.365.   
    
Cattle futures reversed Monday despite supportive spot news. As expected, last week’s beef gains and the late-week cash market advance sparked a strong opening in CME cattle futures Monday morning. However, Chicago priced failed at higher levels and turned sharply lower late in the CME pit session. Bearish seasonal expectations and technical considerations almost surely caused the drop. Conversely, afternoon beef strength and firm GLOBEX action suggest a modestly higher Tuesday opening. June live cattle futures tumbled 1.25 cents to 150.25 cents/pound at their Monday settlement, while August cattle dropped 1.02 to 148.80. Meanwhile, August feeder cattle futures slipped 0.20 cents to 217.42 cents/pound, and November feeders declined 0.45 to 214.6.    
    
Hog futures continued their recent struggles. Bearish traders seemingly believe the CME hog market is overbought. Monday’s early action exemplified this phenomenon, since CME futures turned lower despite supportive cash and wholesale data. The bearish reversal suffered by cattle futures likely exaggerated the selling. Mixed cash quotes and wholesale strength suggest a mixed opening as well. June hog futures ended
Monday having sagged 0.55 cents to 84.27 cents/pound, while December declined 0.50 to 70.02.       
 
Cotton declined Monday night despite relatively slow plantings. Cotton futures continued their recent slide overnight, which was somewhat surprising given concurrent U.S. dollar weakness and slow planting pace reported on the Crop Progress report. Texas plantings are 10% behind the 10-year norm, but the belief that it was too wet last week probably limited the bullish response. Industry concerns about the likely results
of today’s WASDE report may also be limiting activity. July cotton slumped 0.18 cents to 65.21 in early Tuesday trading, while December futures slid 0.15 to 65.13.