Soybeans and meal led the crop markets higher Monday morning. Ideas that today’s weekly USDA Crop Progress report will show a big increase in crop harvesting weighed on corn and bean futures Sunday night. However, daily and weekly reports confirmed extremely strong demand for beans (and probably meal), which sent those markets and the other crops higher. December corn futures rose 4.0 cents to $3.57/bushel late Monday morning, while May added 4.0 to $3.7925.

Beans and meal diverged from weak oil prices. The USDA announced sizeable sales on daily reports this morning, then followed those with a huge total on the weekly Export Inspections report. Beans and meal surged on the evidence of vigorous demand, whereas weak palm and crude oil markets are weighing on soy oil quotes. November soybean futures gained 9.25 cents to $9.8675/bushel just before lunchtime Monday, while December soyoil slid 0.12 cents to 32.27 cents/pound, and December soymeal surged $13.2 to $363.4/ton.

The wheat markets are also trying to follow the bean rally. Weekend news concerning wheat was rather minimal and was apparently construed as rather bearish. Today’s result on the Export Inspections report was also disappointing. Nevertheless, wheat futures have also followed the bean market higher. Fund short covering may be contributing to the rise. December CBOT wheat bounced 3.75 cents at $5.215/bushel in late Monday morning action while December KC wheat edged up 1.5 cent to $5.9525/bushel, and December MWE wheat lifted 3.5 to $5.705.

Cattle traders apparently expect continued cash firmness. Last Friday’s Cattle on Feed report seemed neutral to bearish, but CME traders obviously found it no obstacle to fresh gains. There’s little news, so one can probably assume CME traders are expecting firm-higher cash trading later this week. December live cattle futures jumped 1.32 cents to 168.22 cents/pound around midsession Monday, while April futures soared 1.57 to 166.35. Meanwhile, November feeder cattle futures surged 1.17 cents to 235.82 cents/pound, and January feeders leapt 1.62 cents to 230.52.

Seasonal spot market weakness is apparently depressing CME hogs. December hog futures proved surprisingly firm last Friday, possibly due the small weekly kill. However, prices turned lower again this morning, which very likely represents a market reaction to talk of continued cash and wholesale losses. December hog futures dove 1.17 cents to 89.07 cents/pound late Friday morning, while April hogs fell 0.62 to 88.57.