Corn futures were mostly higher on Monday. The July contract was pressured by strength in the dollar, weakness in crude oil and the unwinding of bull spreads. Deferred contract were higher on ideas of further planting delays. USDA will update planting progress in the Crop Progress report this afternoon. More rainfall in the eastern Corn Belt and northern Plains are expected to continue to delay corn planting in those regions. July closed 5 1/2 cents lower at $7.54 while December was 4 cents higher at $6.70 1/2.     

 

Soybean futures traded mixed on Monday. Front end contracts were pressured by weakness in outside markets. Strength in the dollar and weakness in crude oil and the stock market were bearish factors. New-crop was narrowly mixed ahead of the USDA Crop Progress report due out this afternoon. Soybean planting progress is expected to remain below average pace. Gains were limited by talk that corn planting delays in the eastern Corn Belt and northern Plains could lead to increased soybean acreage. July closed 6 1/2 cents lower at $13.73 3/4 while November was 1/4 of a cent higher at $13.50 3/4.

 

Soybean futures traded mixed on Monday. Front end contracts were pressured by weakness in outside markets. Strength in the dollar and weakness in crude oil and the stock market were bearish factors. New-crop was narrowly mixed ahead of the USDA Crop Progress report due out this afternoon. Soybean planting progress is expected to remain below average pace. Gains were limited by talk that corn planting delays in the eastern Corn Belt and northern Plains could lead to increased soybean acreage. July closed 6 1/2 cents lower at $13.73 3/4 while November was 1/4 of a cent higher at $13.50 3/4.

 

Cattle futures were sharply lower on Monday with most 2011 contracts down the $3 limit. The bearish Cattle on Feed report, Cold Storage report and outside markets weighed heavily on the market. USDA reported May 1 cattle on feed as of May 1 at 11.2 million head, 107% of a year ago. Placements were much higher than expected at 1.795 million head or 110% of a year ago. The monthly Cold Storage report showed April 31 beef stocks at the highest level up 20% from last year. Weakness in the stock market and strength in the dollar help extend losses in cattle today. June closed $2.83 lower at $102.15 and August was $3 lower at $104.10.

 

Lean hog futures closed sharply lower on Monday. Front end contracts were near limit or limit lower today. Spillover weakness from cattle, outside market pressure and lower cash bids weighed on futures. Strength in the dollar is a bearish factor for pork exports. Packer margins are negative and pork cutouts were down $1.09 on Friday. Market ready hog supplies have tightened seasonally, but packers have been able to fill needs with lower bids. June ended $2.73 lower at $89.25 and August was $3.00 lower at $90.50.