Corn futures have backed away from early highs around midsession Monday. The prospect of a huge fall crop has badly depressed corn futures, but prices are trying to rebound in concert with the soy complex. Talk of surging export demand for soybeans and dryer August weather is apparently supporting the markets, but traders were probably disappointed by the Export Inspections result. September corn gained 2.25 cents to $3.6525/bushel late Monday morning, while December rose 2.5 cents to $3.7425.

The soy complex is bumping up against technical resistance. Talk of strong bean sales to China, as indicated by early-morning news and the Export Inspections report, and signs of persistent Corn Belt dryness have boosted bean and product prices to start the week. The nearby bean and meal contracts are bumping up against resistance associated with their 20-day moving averages. August soybean futures climbed 16.75 cents to $12.29/bushel in late Monday morning action, while November futures surged 16.75 cents to $11.0025. August soyoil bounced 0.37 cents to 36.46 cents/pound and August soymeal added $5.0 to $403.0/ton.

The wheat markets remain generally weak. Wheat futures have been blessed with little news lately, but today’s Export Inspections report likely disappointed bulls. The published figure at 396,000 tonnes fell slightly below the forecast range. Futures have actually bounced from overnight lows, but also failed at moving average resistance Sunday night. September CBOT wheat dipped 4.0 cents to $5.34/bushel just before lunchtime Monday, while September KC wheat slumped 6.5 cents to $6.2475/bushel, and September MWE wheat dropped 6.25 cents to $6.215.

Nearby cattle futures lost their upward momentum Monday morning. Last week’s cash and wholesale news looked extremely bullish for the late-summer cattle outlook. However, the sheer size of the cash surge has seemingly persuaded many that the move may be peaking. October & August futures turned lower by late morning. Feeders continued soaring. August live cattle sagged 0.20 cents to 158.90 cents/pound around midsession Monday, while December moved up 0.27 cents to 159.05. Meanwhile, August feeder futures leapt 1.45 cents to 219.70 cents/pound, and October feeders jumped 1.40 to 220.25.

Hog futures couldn’t sustain Monday’s opening gains. Strength spilling over from the cattle market and talk of slowing cash losses apparently sparked CME hog gains upon today’s opening. However, the cattle reversal and concerns about a potential confluence of increased supply and reduced demand seemed to come to the fore soon thereafter. August hog futures tumbled 0.45 cents to 123.17 shortly the lunch hour Monday, while December fell 0.25 cents to 97.90.