Corn has stalled after rallying Friday. Strength spilling over from the soybean market seemed to boost corn futures in light post-Christmas trading. But while its CBOT counterparts rallied Sunday night, corn futures were virtually unchanged. Traders may be unwilling to be aggressive in light holiday season action, especially with the weekly USDA Export Sales report coming out this morning. March corn futures dipped 0.75 cent to $4.14/bushel early Monday morning, while July lost 1.0 to $4.2875.

The soy complex sustained last Friday’s advance. Underlying demand strength and a technical breakout seemed to power soybean meal gains last Friday, while flooding in Malaysia boosted palm and soyoil prices. Given those gains, it was hardly surprising to see bean futures rally as well. The upward momentum was sustained over the weekend, with the whole complex posting significant gains to start the week. Traders are probably pretty confident about the results of the Export Sales report. January soybean futures rose 4.25 cents at $10.5175/bushel Sunday night, while January soyoil rallied 0.33 to 32.79 cents/pound, and January meal gained $3.4 to $383.1/ton.

The wheat markets are starting the week on a strong note. Despite last Wednesday’s news that the Putin regime had in fact imposed export tariffs on wheat exports, wheat futures fell sharply that day and remained weak Friday. However, the reduced Russian presence was made evident Sunday night when Iran announced the purchase of 200,000 tonnes from the U.S., Canada and Australia. That news is powering fresh gains this morning. March CBOT wheat surged 6.0 cents to $6.1675/bushel in early Monday trading, while March KC wheat advanced 4.5 cents to $6.4875/bushel and March MWE wheat climbed 6.5 to $6.38.

Spot market strength boosted cattle futures last week. Fed cattle traded at $162/cwt (cents/pound) beginning last Wednesday, thereby providing considerable support for CME futures. Moreover, beef cutouts continued their recent surge, which apparently inspired fresh optimism about the likely outcome of this week’s trading. That suggests a firm opening again this morning. February live cattle jumped 0.90 cents to 162.47 cents/pound at their Friday close, while April futures ran up 0.57 cents to 159.40. January feeder cattle futures fell 1.03 cents to 213.72 cents/pound and March feeders dropped 0.82 cents to 211.90.

Bullish demand ideas may have supported hog futures Friday. Cash hog and wholesale pork prices proved generally weak last Friday morning, which seemed to trigger strong early selling. However, futures staged an impressive comeback later in the day, with the nearby February future closing slightly higher on the day. That strength apparently reflected a similar shift in sport markets by the end of the day. This also seems to bode well for today’s opening. February hog futures ended Friday having risen 0.25 cents to 81.55 cents/pound, while June hogs rallied 0.80 cents to 90.77.