Corn is still feeling downward pressure in late Monday morning trading after last Friday's RFS report from the EPA; the ethanol numbers fell short of expectations. Corn prices still seem to be reacting to favorable weather forecasts pointing toward another record production year. Despite weather a little bit cooler than normal, recent rainfall, as well as anticipated warmer temperatures, bode well for this year's crop. July corn is down 1.0 cent to $3.505/bushel midday Monday and December dipped 1.0 to $3.67. Dollar Index has also risen 0.59 percent to 87.80.

The soy complex moved mostly lower in Monday’s late morning trading. The three-week strike by Argentine crush workers will reportedly end since it appears they've agreed to a pay hike. This eases concerns about export logistics and reduced South American shipments, thereby depressing beans and meal overnight. However, soyoil continued rallying this morning, presumably in response to last Friday's bullish RFS proposal by the EPA. July soybean futures lowered 6.50 cents to $9.2875/bushel late Monday morning, while July soyoil climbed 0.94 cents to 34.27 cents/pound, and July meal tanked $8.30 to $297.4/ton.

Wheat prices advanced late Monday morning presumably in response to the release of the USDA weekly grain inspection report. The newly revised figures suggest higher than previously forecasted demand. Wheat exports for the week ended 5/29/2014 were 532,901 tonnes, compared to the preliminary estimate from 5/28/15 of 359,693 tonnes. July CBOT wheat futures surged 16.25 cents to $4.9325/bushel late morning on Monday, and July KC wheat moved up 14.75 cents to $5.1325/bushel, and July MWE wheat vaulted 19.5 cents to $5.5025.

Cash cattle trading last Friday supported prices Monday morning. Last Friday’s huge wholesale losses undercut cattle futures and seemingly boded ill for week-ending cash market action. However, country prices actually proved rather mixed, with steady-firm action in the southern Plains and steady-weak action in Nebraska. That news very likely powered today’s early gains. August live cattle futures advanced 0.70 cents to 151.97 cents/pound as the lunch hour loomed Monday, while December cattle rose 0.57 to 154.75. Meanwhile, August feeder cattle futures rallied 0.50 cents to 223.45 cents/pound, and November feeders ran up 0.72 to 220.10.

Friday’s pork bounce seemed to spur hog gains. Hog futures followed cattle lower last Friday, with the CME losses likely being exaggerated by Thursday’s huge pork drop. However, pork values reclaimed most of those losses Friday afternoon, which seemingly encouraged bulls to push hogs higher in concert with cattle in early Monday action. August hog futures surged 0.87 cents to 83.37 cents/pound around midsession Monday, while December moved up 0.15 to 69.37.

Cotton continues to build on its support from late last week. The recent upward price trend has seemingly been based primarily on the expectedly strong export sales numbers from Friday. Adding to the support is slow cotton sowing in Texas, the top producing state, and, possibly, the heat wave in India, the largest cotton producing country, which has killed nearly 2,200 people and threatens the crop. July cotton advanced 0.12 cents to 64.59 cents/pound approaching noon Monday, and December futures rallied 0.21 to 64.85.