Corn futures stabilized late Monday morning. Friday’s mistaken early release of the FSA acreage data from farm programs apparently robbed the official report’s release of its bullish impact, since corn futures backed away from early morning highs. The weekly Export Inspections report seemed rather disappointing. March corn futures edged up 3.0 cents to $4.105/bushel late Monday morning, while July lifted 2.75 to $4.2425.

The soy complex turned generally lower. The FSA acreage total for soybeans also seemed quite supportive, since it suggested the USDA will lower its official harvested acreage total in January. But traders couldn’t sustain the bullish momentum from the premature release last Friday. They may also be squaring positions prior to the late-morning release of the monthly NOPA Crush report. In addition, the Export Inspections result was mediocre. January soybean futures fell 2.5 cents to $10.4475/bushel around midsession Monday, while January soyoil bounced 0.12 to 32.48 cents/pound, and January meal lost $0.8 to $366.2/ton.

The Russian situation may be spurring wheat market buying. The Russian ruble has come under sharp early-week pressure, which in turn may cause the Putin government to restrict wheat exports in order to control surging domestic inflation. Exporters are reportedly pushing wheat as quickly as possible, which would normally be a bearish development, but traders seemingly think that means export restrictions are coming. The Inspections report was supportive as well. March CBOT wheat rallied 12.0 cents to $6.185/bushel just before lunchtime Monday, while March KC wheat jumped 14.75 cents to $6.49/bushel and March MWE wheat surged 15.25 to $6.36.

Cattle futures posted a weak Monday opening. News of sizeable cash and wholesale losses exerted considerable downward pressure upon cattle futures last week. Moreover, Friday’s big wholesale losses probably exacerbated fears about forthcoming demand strength, since futures opened quite poorly again this morning. February live cattle tumbled 0.72 cents to 161.45 cents/pound late Monday morning, while April slumped 0.60 to 160.80. January and March feeder cattle futures again plunged the 3.00-cent daily limit to 222.60 and 218.25 cents/pound, respectively.

The hog and pork complex continues struggling as well. Although the wholesale pork markets proved quite strong last Friday, the ongoing breakdown in cattle and feeder futures, as well as recent cash market slippage, continue weighing on hog futures. Traders clearly worry about pork demand strength as well. February hog futures sagged 0.65 cents to 82.60 cents/pound as the lunch hour loomed Monday, while June hogs sank 0.82 cents to 90.32.