The old-crop bean reversal seemed to spark widespread crop selling. The tight old-crop bean situation has been supporting bean and meal prices lately. However, September beans and meal futures reversed sharply lower this morning, which seemingly triggered a concerted decline among the crop markets. Corn was certainly no exception despite the supportive result on the weekly Export Inspections report. September corn slid 5.5 cents at $3.60/bushel late Monday morning, while December lost 4.5 to $3.67.

Beans and meal tumbled in early Monday trading. Strong demand and limited soybean supplies had recently sent old-crop bean and meal prices soaring. However, that was sure to end at some point, since the massive 2014 crop will soon be harvested. Today’s drastic CBOT reversal suggests that shift came today. A weekend bounce in palm oil values spilled over into oil, although soyoil values may also benefit from a break in meal quotes. September soybean futures dove 18.75 cents to $11.4725/bushel around midsession Monday, while November futures sank 12.25 cents to $10.2925. September soyoil surged 0.42 cents to 32.78 cents/pound, and September soymeal dropped $23.4 to $409.9/ton.

Wheat followed the other markets lower. Although persistently high tensions between Russia and Ukraine are still affecting wheat futures, those markets fell in concert with corn and soybeans this morning. The likely negative price impact of the fall harvest of those crops seemed to remind wheat traders of the bearish global situation. September CBOT wheat sank 7.25 cents to $5.4475/bushel shortly before lunchtime Monday, while September KC wheat slumped 7.0 cents to $6.265/bushel, and September MWE wheat fell 5.5 to $6.2125.

Last week’s cash strength is probably supporting cattle futures. Nebraska cattle traded lightly at $155/cwt (cents/pound) last Friday afternoon, which represented a $2 rise from prior levels. That was not what the industry was anticipating. Given the discounts built into CME futures, today’s early bounce was no surprise. October live cattle futures jumped 0.85 cents to 147.85 cents/pound in late Monday morning trading, while December futures climbed 0.60 to 150.45. Meanwhile, September feeder futures climbed 1.15 cents to 212.05 and November futures advanced 1.37 to 209.15.

Hog traders seem to think prices will soon stabilize. Recent reports have been almost unanimously bearish for the hog outlook. That has hardly changed, but CME traders may be reacting this morning to an upward USDA revision to its 2014 pork price forecast and/or news of steady wholesale prices at midday today. October hogs vaulted 0.72 cents to 93.60 cents/pound as the lunch hour loomed Monday, while December rallied 0.82 to 87.97.

Cotton apparently failed at resistance Monday. Although the current heat wave is probably hurting the forthcoming cotton crop, today’s renewed U.S. dollar strength and the fact that bulls hadn’t been able to push most-active December futures above their 40-day moving average appeared to trigger a reversal this morning. Big soy losses probably didn’t help. December cotton tumbled 0.81 cents to 65.37 cents/pound shortly before noon (EDT) Monday, while March futures fell 0.86 cents to 65.71.