Corn futures continued their post-report rally Monday morning. Although last Friday’s USDA Crop Production and WASDE reports implied the U.S. corn situation is quite liquid, the numbers were not as bearish as many anticipated. Wire service reports cited widespread short covering, buying from end users and unwinding of bean/corn spreads for the early gains. December corn futures climbed 8.0 cents to $4.3475/bushel Monday morning, while May added 8.25 cents to $4.5525.

Bean and meal futures dipped from last week’s highs. Last Friday’s reports sent soybean and meal futures sharply higher, whereas oil prices languished. Thus, it isn’t terribly surprising to see those markets reversing those moves to some extent to start this week, especially with the palm oil markets rising modestly in Sunday night action. Having traders unwinding bean/corn spreads may be depressing prices as well. January soybean futures fell 6.25 cents to $12.9975/bushel around midsession Monday, while December soyoil rebounded 0.15 cents to 40.39 cents/pound, and December soymeal dropped $2.9 to $419.4/ton.

The wheat markets are rallying along with corn. Friday’s USDA reports were viewed as moderately bearish for wheat futures. However, bears couldn’t sustain selling pressure after the report. Thus, technical considerations, as well as concurrent corn strength, are apparently boosting golden grain prices to start this week. December CBOT wheat futures surged 6.25 cents to $6.56/bushel by late Monday morning, while December KCBT wheat futures gained 3.5 cents to $7.12, and December MWE futures moved up 2.25 to $7.1025.

Late-Friday cash strength may be boosting cattle futures. Fed cattle prices apparently bounced from around $131/cwt (cents/pound) on Thursday to the $132 area Friday afternoon. That news seemingly inspired the modest gains posted by cattle futures this morning. Renewed hopes for the short-term wholesale outlook may be supporting prices as well. December cattle futures rose 0.12 cents to 132.52 cents/pound just before lunchtime Monday, while April futures crept up 0.22 to 135.02. Meanwhile, January feeder cattle climbed 0.30 cents to 164.72 cents/pound, while March feeders lifted 0.40 cents to 164.72.

Hog futures began the weak in mixed fashion. Monday’s early cash calls were steady to weak, with wire service reports citing partial packing industry shutdowns for Veterans Day. Traditional seasonal weakness here in early November may also be handicapping bulls. December hog futures sank 0.15 cents at 87.97 cents/pound in late Monday morning action, while April bounced 0.17 to 93.87.