Export news seemingly supported corn Monday morning. Reduced Black Sea tensions seemed to undercut corn and the other crop markets Sunday night, but yellow grain futures bounced from early lows as the morning passed. News of a sizeable sale to Mexico and a good result on the weekly Export Inspections report seemingly sparked the comeback. May corn slipped 2.25 cents to $4.8375/bushel around midsession Monday, while December lost 1.75 to $4.855.

The soy complex rebounded on good export news. Soybeans also rebounded from overnight lows, but the size of the bounce was much more impressive. The USDA announcement of a sizeable bean sale when many have been expecting cancellations probably powered the rally. In addition, the Export Inspections data matched the upper end of industry forecasts. Asian palm weakness and diminished concerns about sunflower oil seemingly undercut soyoil. May soybeans rose 1.0 cents to $13.895/bushel late Monday morning, while May soyoil slumped 0.21 cents to 42.08 cents/pound, and May soymeal added $2.8 at $446.8/ton.

Wheat futures also bounced from early lows. The wheat markets finished last week strongly, which probably reflected industry concerns about the Black Sea situation and potential problems with exports from that region. The apparent reduction of tensions seen Sunday night apparently sparked an early-week decline from last week’s highs, but bears proved unable to sustain the downward momentum. May CBOT wheat futures were trading just 5.0 cents lower at $6.8225/bushel in late Monday morning trading, while May KCBT wheat futures slid 2.25 cents to $7.4925 and May MWE futures sagged 4.0 to $7.30.

Cattle futures turned mixed by late morning. Last week’s late rise in country cattle prices gave the Chicago market a substantial boost on Friday. However, traders are uncertain about this week’s likely outcome, especially if recent wholesale weakness signaled more of the same. Thus, it wasn’t terribly surprising to see futures turn mixed to lower later in the morning. April cattle futures edged 0.27 cents higher to 145.42 cents/pound just shortly before lunchtime Monday, while August gained 0.07 cents to 135.55. Meanwhile, April feeder cattle advanced 0.45 cents to 177.67 cents/pound, and August rallied 0.25 to 179.65.

Hog futures surged again to start the week. Spiking cash and wholesale gains sent hog futures soaring again last week, but CME prices seemed to lose upward momentum as the weekend loomed. However, Friday afternoon reports proved quite strong, which sparked strong early gains. Traders are now trying to decide how well the complex will perform this week. April hogs leapt 2.60 cents to 121.90 cents/pound late Monday morning, while June jumped 2.75 to 130.60.