Corn futures continue struggling against short-term resistance. Corn futures surged in response to very good export news last Friday, but failed at short-term moving-average resistance. Futures reacted rather well to the strong result on the weekly USDA Export Inspections report, but bulls couldn’t sustain gains. Traders are very likely worried about a follow-through to the downside. March corn slid 1.5 cents to $3.8525/bushel around midsession Monday, while July lost 1.75 to $4.01.

The Export Inspections report boosted soybeans and meal. Brazil is set to harvest another record soybean crop, which will very likely be supplemented by large Argentine supplies. However, the USDA’s Export Inspections report indicated very strong movement, thereby powering a bounce in bean and meal futures. Weekend palm oil losses are apparently weighing on soyoil quotes. March soybean futures gained 5.25 cents to $9.78/bushel late Monday morning, while March soyoil fell 0.51 to 31.09 cents/pound, and March meal ran up $5.8 to $337.2/ton.

The wheat markets turned lower Monday morning. The global wheat markets seem likely to remain very well supplied during the coming months, which is giving prices a persistent undertone. Worries about the Russia-Ukraine situation apparently have recently supported quotes, but traders seemed to lift those long hedges this morning. The Export Inspections report proved rather poor. March CBOT wheat sank 6.0 cents to $5.24/bushel as the lunch hour loomed Monday, while March KC wheat dropped 8.0 cents to $5.56/bushel, and March MWE wheat slid 4.0 to $5.72.

Cattle futures started the week very poorly. Although last Friday’s monthly Cattle on Feed report looked modestly bullish, cattle futures dove on today’s opening. That probably reflects Friday’s big wholesale losses and industry worries about more of the same during the days ahead. February live cattle futures dove 1.70 cents to 148.65 cents/pound in late Monday morning action, while April cattle plunged 1.85 cents to 148.95. January feeder cattle futures plummeted 3.32 cents to 210.37, and March feeders collapsed 5.32 to 196.70.

CME hogs posted a sharp rebound in early trading. The cash hog and pork markets posted modest losses last Friday, but those looked quite minimal when compared to huge futures losses posted late last week. Traders may also think last week’s huge kill cleaned up the supply of animals available in the short run, thereby sparking today’s big bounce. February hog futures jumped 1.60 cents to 70.90 cents/pound just before lunchtime Monday, while June hogs leapt 1.97 cents to 82.17.