Spillover weakness seemed to depress corn futures Monday. 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. Growing forecasts for a record U.S. harvest and price drops to 37-month lows probably exaggerated the selling. December corn futures fell 9.25 cents to $4.3075 Monday afternoon, while May futures declined 8.75 cents to $4.52.

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, depressed soybean and meal futures Monday. 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 28.75 cents to $12.7125/bushel by Monday’s close, while December soyoil dove 0.37 cents to 40.36 cents/pound, and December soymeal tumbled $8.8 to $414.7/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 appeared to spark additional selling. December CBOT wheat futures dropped 9.75 cents to $6.81/bushel in late Monday trading, while December KCBT wheat futures sank 8.25 cents to $7.5075, and December MWE futures tumbled 8.5 cents to $7.365.

Surging beef prices boosted cattle futures. Last week’s poor Friday close seemed to presage cattle slippage early this week. However, traders probably became much more optimistic after the midday wholesale report stated beef cutout values sharply higher. Traders are almost surely expecting more cash strength as a result. December cattle closed 0.83 cents higher at 133.80 cents/pound Monday, while April added 0.15 to 134.60. November feeder cattle rose 0.42 cents to 167.07 cents/pound and January feeders jumped 0.87 to 166.92.

Deferred hog futures led the CME complex higher again today. 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 lead prices higher again today. December hog futures ran up 1.52 cents to 91.95 cents/pound at their Monday close, while April leapt 2.60 cents to 96.40 cents/pound.