The crop markets are declining ahead of Monday’s USDA report. The crop markets ended last week by declining rather significantly as bullish interests seemed to take profits on previously established long positions. The markets saw more of the same Sunday night as the industry squared positions prior to the midsession release of the USDA’s monthly WASDE report. May corn tumbled 7.5 cents to $4.815/bushel early Monday morning, while December lost 5.25 to $4.795.

The soy complex was mixed to lower to start the week. As in the grain markets, soybean futures declined in apparent response to broad long liquidation in early Monday trading. Big losses in Asian equity markets and global metal and energy commodity futures may have added to the downward pressure. However, sustained palm oil strength boosted soybean oil futures, which probably limited bean losses (and possibly exaggerated those in the meal pit. May soybeans sank 8.5 cents to $14.495/bushel Sunday night, while May soyoil rallied 0.06 cents to 44.38 cents/pound, and May soymeal fell $4.5 to $453.3/ton.

The wheat markets also lost ground as the week’s trading got underway. Despite likely underlying support stemming from the uncertain Black Sea situation, wheat futures accompanied the other crop markets lower last night. As in the other markets, traders are almost probably reducing their exposure prior to the late-morning release of the USDA WASDE report. May CBOT wheat futures dropped 7.75 cents to $6.4625/bushel in early Monday action, while May KCBT wheat futures sagged 6.25 cents to $7.15, and May MWE futures slumped 7.75 at $6.9725.

Talk of persistent wholesale strength boosted cattle futures last Friday. News that cash prices had suffered a significant decline despite concurrent wholesale gains depressed cattle futures around midweek. However belated talk of persistent beef gains reportedly enabled CME prices to rebound as Friday passed. April cattle futures moved up 0.10 cents to 143.23 cents/pound as CME trading ended Friday, while August rallied 0.70 cents to 133.85. Meanwhile, April feeder cattle climbed 0.85 cents to 173.65 cents/pound, and August gained 0.65 to 176.07.

Hog futures remained quite strong into the weekend. Talk of sharply reduced hog slaughter last week and in the coming weeks greatly encouraged bullish hog traders. CME futures reacted well to the latest news Thursday night, but struggled to maintain their upward momentum into the close. April hogs advanced 0.60 cents to 113.00 cents/pound at Friday’s close, while June added 1.15 to 120.50.

Cotton futures are also beginning week feebly. Cotton futures posted a technical breakout last Thursday and seemed set to continue surging Friday morning. However, the market turned downward into Friday’s close, with the losses continuing last night. Long liquidation is probably weighing upon prices this morning, especially with Asian equities setting a negative tone for the U.S. markets and the WASDE report looming. May cotton began the week having fallen 0.46 cents to 90.81 cents/pound Monday morning, while December cotton slipped 0.06 cents to 79.26.