Spillover weakness seemed to depress corn futures Monday morning. Talk that the corn and bean harvests have progressed nicely, as well as discussions of surprisingly strong yields seemed to undercut corn futures Monday morning. The larger soy losses seemed to drag yellow grain prices downward despite the supportive Export Inspections data. December corn futures fell 8.75 cents to $4.3125 late Monday morning, while May futures declined 8.5 cents to $4.5225.

Surprisingly large Corn Belt soybean yields sent the soy complex lower. Suggestions that the soy harvest is almost 80% complete, as well as persistent reports of unexpectedly large yields sent soybean and meal futures lower Monday morning. Neither the strong result of the weekly Export Inspections report or palm oil gains seemed to do much to offset the broad weakness. November soybean futures plunged 19.75 cents to $12.8025/bushel by midsession Monday, while December soyoil slid 0.12 cents to 40.61 cents/pound, and December soymeal dove $7.3 to $416.2/ton.

The wheat markets sustained their Sunday night slump. There was little fresh news concerning the wheat markets, but traders interpreted the latest weather reports as being favorable for U.S., Black Sea and Argentine crops. The early drop below chart support also seemed to spark additional selling. December CBOT wheat futures dropped 6.75 cents to $6.84/bushel in late Monday morning action, while December KCBT wheat futures sank 5.5 cents to $7.535, and December MWE futures tumbled 5.0 cents to $7.40.

Cattle traders may be anticipating continued cash strength. After mid-week cash and wholesale strength boosted cattle futures, the CME took a surprising tumble last Friday. However, traders seem optimistic about this week’s cash & beef prospects this morning. December cattle climbed 0.60 cents to 133.57 cents/pound just before lunchtime Monday, while April inched up 0.02 to 134.47. November feeder cattle rose 0.22 cents to 166.87 cents/pound and January feeders gained 0.20 to 166.25.

Deferred hog futures led the CME complex higher again this morning. The hog and pork complex may still face major seasonal weakness through late 2013, but the recent increase in the number of new porcine epidemic diarrhea virus (PEDV) cases is sparking bullish ideas about the 2014 outlook. Thus, deferred futures are leading prices higher. December hog futures ran up 0.60 cents to 91.02 cents/pound late Monday morning, while April jumped 1.20 cents to 95.00 cents/pound.