Corn futures continued following wheat lower Monday morning. News of good rainfall over the southern Plains sank the wheat markets Sunday night, with losses early this morning. The U.S. dollar set back from its early highs, which may have relieved the pressure somewhat. The Export Inspections result had little impact. May corn futures sagged 4.0 cents to 3.73/bushel late Monday morning, while December lost 3.75 to $3.9875.

The soy complex remained narrowly mixed to start the week. Talk of growing South American supplies is weighing on the soybean and meal markets these days. Having the U.S. dollar threatening to challenge its March highs isn’t helping the bullish cause either, especially with record South American production weighing on global soy values. The Export Inspections figure was no surprise. Firm crude and palm oil prices are supported soyoil futures. May soybean futures edged 0.75 cent lower to $9.5075/bushel shortly before lunchtime Monday, while May soyoil climbed 0.32 cents to 31.41 cents/pound, and May meal skidded $1.1 to $308.1/ton.

Weekend rains sent wheat markets sharply lower. Concerns about persistent southern Plains dryness had recently supported wheat futures, but good rains fell on the U.S. southern Plains over the weekend. That news, along with U.S. dollar strength and technical resistance apparently triggered the losses experienced Sunday night and again this morning. Support at the nearby contracts’ 40-day moving also failed, thereby exaggerating the drop. May CBOT wheat dove 23.25 cents to $5.0325/bushel around midsession Monday, while May KC wheat plunged 29.75 cents to $5.29/bushel, and May MWE wheat dropped 19.75 to $5.6125.

Cattle futures had apparently anticipated Friday’s cash break. Bearish cash expectations sent cattle futures tumbling Friday, with late-day trading, in which Nebraska quotes dove $5.00/cwt, seeming quite extreme. However, CME futures rebounded from post-opening lows, with most contracts actually moving into positive territory by late morning. That suggests the market had fully anticipated the cash drop. June cattle futures gained 0.05 cents to 148.85 cents/pound as the lunch hour loomed Monday, while August cattle climbed 0.20 to 146.75 cents/pound. Meanwhile, May feeder cattle futures declined 0.35 cents to 209.37 cents/pound, and August feeders slumped 0.17 to 211.27.

Hog futures may be breaking out to the upside. Although pork quotes ended last week poorly, cash hog prices seemed to turn sharply higher last Friday. That boosted the expiring April contract despite its premium over spot values and pushed the most-active June future above major chart resistance. That may indicate the long-standing downtrend has run its course. June hog futures rallied 1.32 cents to 79.47 cents/pound in late Monday morning action, while December advanced 0.25 to 68.50.