Corn futures traded higher on Monday. Increasing concern about cool and wet weather further delaying planting in the eastern Corn Belt and flooding in the south could trim corn acreage and yield potential. Forecasts call for more rain and cool weather in the Midwest. USDA reported the sale of 125,000 tonnes of corn to South Korea this morning. The decline in corCrop n prices to six-week lows last week has triggered some export interest. Gains were trimmed by losses in crude oil futures during the session. July closed 15 1/2 cents higher at $6.97 1/2 and December was 8 1/2 cents higher at $6.35 1/2.
Soybean futures closed lower on Monday. Weakness in crude oil helped push soybean futures lower after trading higher this morning. Strength in corn and concerns about soybean planting delays were supportive factors. However, sluggish export demand and a disappointing NOPA April crush report allowed for soybeans to be drug lower by crude oil. NOPA crush in April was reported at 121.3 million bushels compared to pre-report trade estimates of 127.8 million bushels. July was 3 cents lower at $13.26 1/2 and November was 4 1/2 cents lower at $13.06 1/4.
Wheat futures were higher on Monday. Poor wheat conditions in the southern and western Plains and forecasts for more stressful weather helped support the market. Spring wheat planting delays continue in the northern Plains. USDA will update winter wheat conditions and spring wheat planting progress in the Crop Progress report this afternoon. European wheat futures are near 12-week highs as a dry spell in parts of the wheat belt has raised the prospects for a smaller wheat crop there. CBOT July closed 8 3/4 cents higher at $7.36 1/2, KCBT July was 6 1/2 cents higher at $8.76 and MGE July ended 10 cents higher at $9.10 1/4.
Cattle futures settled lower on Monday. The market was initially supported by firm beef prices and ideas of improving demand seasonally. Choice cutouts were up $1.60 at midday. But futures were pressured by spillover weakness in hog a technical selling. Cash trade was mostly $112 last week, but there is talk of cash trade being down another $1 this week due in part to larger showlist. June closed 68 cents lower at $108.33 and October was 58 cents lower at $114.93.
Lean hog futures closed lower on Monday. Pork prices were firm last week, but there is concern that pork prices could slip once wholesale demand for Memorial weekend is finished. Further losses were limited by steady to firm cash markets today. The June contract ended 95 cents lower at $93.60 and August was $1.05 lower at $93.43.