Corn futures fell in reaction to the USDA reports. Monday’s Acreage reports seemed supportive of new-crop corn futures, since the result fell slightly short of forecasts. However, the June 1 Stocks result easily topped expectations and sent the whole complex lower. July corn dropped 18.75 cents to $4.2425/bushel at Monday’s close, while December lost 22.00 to $4.2525.

The soy complex plummeted in response to the news. The grain stocks report stated June 1 stocks well above industry forecasts, which sent old crop soy futures tumbling, and the Acreage total blasted past all predictions. Thus, the whole soy complex posted huge post-report losses, with new-crop futures leading the way lower. July soybeans collapsed 31.5 cents to $14.00/bushel in late Monday trading, while July soyoil plunged 1.13 cents to 38.85 cents/pound, and July soymeal tumbled $11.5 to $458.3/ton.

The wheat markets also dropped after the USDA data were published. The quarterly Grain Stocks report looked somewhat supportive of the golden grain markets, since stocks dipped below expectations. However, the wheat acreage figures topped pre-report estimates, thereby forcing the markets steadily lower as the day passed. July CBOT wheat futures tanked by 20.5 cents to $5.6475/bushel at their Monday settlement, while July KCBT wheat fell 15.5 cents to $7.105, and September MWE futures sank 15.75 to $6.6725.

Cattle traders apparently suspect cash prices have topped. Despite having cash and wholesale prices hit records last Friday, cattle futures proved surprisingly weak that day and again Monday. Traders likely believe the market has hit a short-term peak and will weaken through July. Feeder futures rebounded as grain prices tumbled, but couldn’t sustain the bounce. August cattle slumped 1.05 cents to 150.07 cents/pound as CME trading ended Monday, while December stumbled 0.90 to 153.72. Meanwhile, August feeder cattle plunged 1.55 cents to 212.77 cents/pound, and October feeders crashed 2.00 to 214.27.

Hog futures soared in reaction to Friday’s USDA Hogs & Pigs report. A surprisingly small spring pig crop cut the hog population numbers on last Friday’s report. Thus, the fall 2014 contracts led the whole complex higher. Suspicions that the USDA overestimated summer supplies caused them to rally as well. August and December hog futures spiked the 3.0-cent daily limit to 132.82 and 98.60 cents/pound, respectively at Monday’s close.