Equity losses may have exaggerated seasonal corn weakness Sunday night. The corn market appears to be suffering from seasonal weakness associated with the harvest at this point. That slippage was seemingly reemphasized to start this week by a big overnight drop in equity index futures, since no deal to end the federal government shutdown was reached over the weekend. December corn futures slipped 0.75 cent to $4.325/bushel early Monday morning, while May skidded 0.75 cent to $4.5375.

The soy complex apparently rallied on Indian news. The soy complex declined Sunday evening, with wire service sources citing persistent harvest pressure for the slide. However, futures rebounded in early trading. The news behind the bounce was not obvious, but one might cite talk of damaged Indian crops after the weekend landfall of a major typhoon. In addition, the market was probably somewhat oversold after last Friday’s drop. November soybeans bounced 3.75 cents to $12.705/bushel in early Monday trading, while December soyoil gained 0.10 cents to 40.38 cents/pound, and December soymeal rose $1.5 to $404.9/ton.

Australian news seemed to sink wheat futures in early trading. The wheat market moved mostly higher Sunday evening in response to persistent talk of strong demand and deteriorating productive conditions in several areas. However, a private source boosted its estimate of forthcoming Western Australia production about 800,000 tonnes or 6.6% early this morning, which apparently sparked the subsequent decline. December CBOT wheat sank 5.5 cents to $6.8675/bushel around dawn Monday, while December KCBT wheat fell 4.0 cents to $7.5625, and December MGE futures were slumped 3.75 cents to $7.51.

Talk of cash strength boosted cattle futures last Friday. CME traders were reportedly expecting country cattle to trade at steady-higher levels Friday evening. Indeed, fed cattle prices apparently surged to $128/cwt (cents/pound) late in the day, which bodes well for this week’s opening. December cattle futures climbed 0.30 cents to 132.47 cents/pound as CME trading wound down Friday afternoon, while April added 0.32 to 135.27. Meanwhile, November feeder cattle jumped 1.35 cents to 169.27 cents/pound, and January ran up 0.92 to 168.75.

The hog market moved mostly lower to end last week. Stock index gains appeared to support nearby hog futures Friday, with ideas of relatively tight supplies probably encouraging bulls as well. However, growing anticipation of a fall surge in hog supplies may have caused the swine industry to rethink its optimism about the 2014 outlook. It will be interesting to see if CME hogs rally on Friday’s bullish cattle news. December hog futures settled 0.15 cents lower at 86.50 cents/pound Friday afternoon, while April dropped 0.20 cents to 89.85.

Chinese news seemingly boosted cotton futures over the weekend. Chinese officials stated that they had bought 245,230 tonnes of new crop cotton this year, which represented about 33% of the year-ago total. However, they’re limiting purchases to much higher quality product this year. The prospect of lower stocks of higher quality Chinese cotton probably encouraged ICE bulls. December cotton advanced 0.46 cents to 83.83 cents/pound around sunrise Monday, while March added 0.48 to 84.70.