Planting news seems to be weighing on the crop markets. Corn futures traded weakly Monday despite supportive financial market events. Traders may have been reacting to talk of accelerated corn plantings last week.
Indeed, the afternoon USDA Crop Progress report indicated that U.S. corn plantings are 9% complete, which seemed to increase downward pressure upon prices. May corn futures dropped 4.25 cents at $3.7375/bushel Monday night, while December lost 4.0 to $3.9725.   
    
The soy complex is giving back a portion of Monday’s advance. Talk of increased Chinese demand and potential South American production problems seemed to boost the soy complex Monday.  Persistent palm oil strength kept soyoil rising overnight, but beans and meal set back. Soybean plantings weren’t covered by the Crop Progress report, but the potential for a good start to the growing season may also have weighed on soy futures. May soybean futures fell 4.5 cents to $9.73/bushel early Tuesday morning, while May soyoil gained 0.18 cents to 31.77 cents/pound, and May meal slid $3.0 to $315.5/ton.   
    
The wheat markets turned higher as Monday passed. The effects of today’s concurrent stock and currency market gains may have offset in their influence over the wheat markets. Actually, the weekly Export Inspections
report probably spurred buying, but wire service sources cited technical buying and short-covering for powering the late advance. May CBOT wheat futures advanced 4.25 cents to $4.9875/bushel at their Monday settlement, while May KC wheat moved up 3.25 cents to $5.125/bushel, and May MWE wheat rallied 6.25 to $5.39.   
    
Cattle futures followed through upon Friday’s breakdown. Last Friday’s concerted drop in cash and futures prices for fed cattle resumed today, especially after the most-active June contract gapped below major chart
support associated with its 40-day moving average. Conversely, around the neckline of a seeming head-and-shoulders bottom may have limited losses. June cattle futures plunged 3.12 cents to 145.87 cents/pound as the CME pit session ended Monday, while August cattle dove 2.45 to 144.22. Meanwhile, May feeder cattle futures plummeted 3.37 cents to 205.15 and August crashed 3.72 to 206.47 cents/pound.    
    
CME hogs firmed after opening weakly. Last Friday’s cash hog slippage and the huge weekly slaughter total seemed to spur selling just after today’s Chicago opening. Selling may also have spilled over from the
cattle pit. However, futures traded more firmly through the balance of the session, with persistent wholesale strength likely limiting losses. June hog futures ended Monday having decline 0.75 cents to 75.52 cents/pound,
while December dipped 0.40 to 67.47.       
 
Cotton futures posted a late Monday rebound. Having Chinese officials move to stimulate their economy looked supportive of China’s commodity demand, which is clearly pertinent to the cotton outlook. Today’s big
stock rebound also looks very supportive. And yet cotton futures seemingly failed at technical resistance this morning and had fallen significantly at noon. The late rebound suggests traders think the recent drop has run
its course.  May cotton slumped 0.25 cents to 63.04 cents/pound as Monday’s ICE session ended, while December futures drooped 0.13 to 63.51.