Corn futures rose in the wake of Monday’s WASDE report. Corn futures began the week slightly lower ahead of today’s monthly USDA WASDE report, then turned upward after its release. The big reason was an upward revision in exports and commensurate drop in the carryout forecast. However, traders seemingly anticipated those changes, so the reaction was muted. March corn gained 1.0 cent to $4.4525/bushel by late Monday morning, while May added 0.5 to $4.505.

The soy complex sank in response to the USDA data. Soybean and product prices rose modestly in early Monday trading, with oil strength being the primary feature. Oil prices proved relatively firm, but beans and meal turned lower after the WASDE report was released. USDA boosted exports, but left its predicted carryout unchanged, which apparently disappointed bullish traders. March soybeans fell 6.0 cents to $13.255/bushel just before lunchtime Monday, while March soyoil rose 0.32 cents to 38.88 cents/pound, and March soymeal dropped $3.8 to $442.6/ton.

Wheat built on recent gains after the USDA report was released. Weather and transportation concerns had recently boosted the wheat markets, but the WASDE report also supported the markets. Not only did the USDA boost its estimate of domestic feed use, to raised exports rather sharply, with the combination of adjustments netting to a 50 million bushel cut in ending stocks. March CBOT wheat futures surged 9.5 cents to $5.87/bushel just after the report’s Monday morning release, while March KCBT wheat futures jumped 13.0 cents to $6.6225, and March MWE futures climbed 9.75 to $6.49.

Cattle futures reversed from Friday’s highs. Bullish expectations apparently boosted cattle futures last Friday despite reports of surprising cash weakness. Wholesale prices also ended the week sharply lower. As a result, it wasn’t terribly surprising to see futures dip when trading resumed this morning. April cattle futures slumped 0.27 cents to 140.12 cents/pound as the lunch hour loomed Monday, while August tumbled 0.47 cents to 130.10. Meanwhile, March feeder cattle slid 0.15 cents to 167.65 cents/pound, but May moved up 0.10 to 169.30.

Hog futures traded mixed to start the week. The cash hog markets were mixed to mostly lower last Friday, whereas pork cutout posted a substantial gain. Those shifts apparently weighed modestly upon CME prices this morning, particularly given bullish expectations already built into the Chicago market. April hogs inched were flat at 94.77 cents/pound late Monday morning, while June added 0.05 to 105.40.