Corn: Corn futures traded firmly at Monday’s close. Friday’s mistaken early release of the FSA acreage data from farm programs apparently robbed the official report’s release of its bullish impact, since corn futures backed away from early morning highs. The weekly Export Inspections report seemed rather disappointing, but fund buying reportedly supported the market through the day. March corn futures closed up 1.0 cent to $4.085/bushel Monday, while July inched 1.0 higher to $4.225.

Soybeans: The NOPA Crush report depressed the soy complex. The FSA acreage total for soybeans also seemed quite supportive, since it suggested the USDA will lower its official harvested acreage total in January. But traders couldn’t sustain the bullish momentum from the premature release last Friday. Moreover, the November crush figure from today’s NOPA report also disappointed industry bulls, which exerted increased pressure on prices. January soybean futures fell 7.75 cents to $10.395/bushel in late Monday action, while January soyoil sagged 0.09 to 32.27 cents/pound, and January meal lost $1.6 to $365.4/ton.

Wheat: The Russian situation apparently spurred wheat market buying. The Russian ruble come under sharp early-week pressure, which many traders suspect will cause the Putin government to restrict wheat exports in order to control surging domestic inflation. Russian exporters are reportedly pushing wheat as quickly as possible, which would normally be a bearish development, but traders seemingly think that means export restrictions are coming. The Inspections report was supportive as well. March CBOT wheat rallied 12.5 cents to $6.19/bushel late Monday afternoon, while March KC wheat jumped 12.75 cents to $6.47/bushel and March MWE wheat surged 11.75 to $6.325.

Cattle: The midsession beef rebound did little to support cattle futures. News of sizeable cash and wholesale losses exerted considerable downward pressure upon cattle futures last week. Moreover, Friday’s big wholesale losses probably exacerbated fears about forthcoming demand strength, which weighed heavily upon CME futures again today. News of a sizeable midday beef rebound only modestly reduced the selling pressure. February live cattle dipped 0.42 cents to 161.75 cents/pound at Monday’s CME close, while April skidded 0.30 to 161.10. January and March feeder cattle futures again plunged the 3.00-cent daily limit to 222.60 and 218.25 cents/pound, respectively.

Hogs: The hog and pork complex came back from early lows. Although the wholesale pork markets proved quite strong last Friday, the ongoing breakdown in cattle and feeder futures, as well as recent cash market slippage, continue weighing on hog futures at today’s opening. However, midsession news of another wholesale rise largely reversed the early losses. February hog futures ended Monday having edged up 0.02 cents to 83.27 cents/pound, while June hogs added 0.10 cents to 91.25.