Corn futures closed strongly higher on Monday. The sharp rally in crude oil and weakness in the dollar pushed futures higher. The slow pace of corn planting also pushed prices higher. Forecasts call for more rain in the eastern Corn Belt and USDA’s Crop Progress report due out this afternoon is expected to slow progress still well below normal. July closed 21 1/4 cents higher at $7.07 1/2 and December was 17 1/4 cents higher at $6.57 1/2.
Soybean futures traded higher on Monday. Strength in crude oil and metal futures helped push soybean markets higher. However, gains were limited compared to corn and wheat due to low volume trade. Trade volume in soybeans was the smallest since November. The market has been able to recover some from losses last week, but gains were limited by sluggish export demand. Gains are being limited by sluggish export demand. July closed 9 cents higher at $13.35 and November was 11 cents higher at $13.19 1/2.
Wheat futures were sharply higher on Monday. Concern about weather problems for the winter and spring wheat crops helped push futures higher. More hot and dry weather in the Plains will further stress the winter wheat crop and spring wheat planting delays are expected to continue in the northern Plains due to cold and wet weather. Gains were extended by speculative buying due to the sharp rally in crude oil and precious metals. CBOT July closed 31 cents higher at $7.90 1/2, KCBT July was 40 1/2 cents higher at $9.14 1/2 and MGE July ended 41 cents higher at $9.44 3/4.
Cattle futures closed mixed on Monday. Front end contracts were pressured by concern about beef demand. Boxed beef prices were strongly lower last week and cash trade is expected to be lower again this week. But deferred contracts were mostly higher on spillover support from strength across other commodity markets. Crude oil, metals and crop markets were strongly higher today. June ended 85 cents lower at $109.00 and August was 70 cents lower at $110.88.
Lean hog futures were mostly higher on Monday. The market was supported by ideas that futures were technically oversold. There was also optimism that demand will improve seasonally. There are ideas that tightening supplies of market ready hogs and an uptick in demand seasonally will help push cash prices higher again soon. But gains were limited by cash markets starting the week steady to $1 lower. June closed 28 cents higher at $92.65 and August was 33 cents higher at $94.28.