Corn futures were solidly lower on Monday. Improved planting weather in the Midwest and northern Plains, strength in the dollar and weakness in crude oil pressured the market. Warmer and drier has allowed for the tail end of planting in much of the Corn Belt other than some areas of Indiana and Ohio. Forecasts call for favorable growing conditions next week. USDA will update planting progress and crop condition ratings this afternoon. July ended 22 cents lower at $7.32 and December was 19 1/4 cents lower at $6.67.
Soybean futures closed strongly lower on Monday. Ideas that significant planting progress has been made and forecasts for more favorable growing conditions next week weighed on futures. The market is expecting USDA to report planting progress at around 75% complete compared to 51% a week-ago. Mostly warm and dry weather is expected in the Midwest the first part of the week before cooler temperatures and some rain develop this weekend and next week. Losses in crude oil and strength in the dollar are also supportive factors. July ended 31 1/4 cents lower at $13.83 1/4 and November was 24 1/4 cents lower at $13.72 3/4.
Wheat futures traded lower on Monday. The market was pressured by spillover weakness from corn, favorable rains in dry area of western Europe and strength in the dollar. The market fell despite the poor shape of the HRW wheat crop and the slow planting pace of spring wheat in the northern Plains and Canada. CBOT July was 29 3/4 cents lower at $7.44, KCBT July closed 24 1/4 cents lower at $8.90 and MGE July ended 18 1/2 cents lower at $10.42.
Cattle futures closed strongly lower on Monday. The lack of bullish news, losses in grain markets and a weak stock market prompted selling in cattle. Weakening beef prices also pushed prices lower. Beef prices were lower at midday with choice down 55 cents and select down $1.14. Cash trade was mostly $104 last week and traders had been looking for steady to $1 higher trade this week.
Lean hog futures were mostly lower on Monday. The June contract was supported by its discount to the cash index, but deferreds were lower on concern about sluggish pork demand, lower cattle futures and weakness in the stock market. Despite the $1.30 jump in pork cutouts on Friday, packer margins remain poor. Cash markets were mostly steady to $1 lower this morning.