Corn futures traded mixed on Monday. Front end futures were higher on ideas of active export sales. But deferreds were pressured by  renewed concern about the global economy and the debt crisis in Europe. Sharp losses in the stock market and crude oil and strength in the dollar were bearish factors. Despite the warm and dry weather over the weekend, traders are looking for crop conditions ratings to improve slightly. USDA will release a new Supply/Demand report on Tuesday morning. September closed 3/4 of a cent higher at $6.43 while December was 4 1/4 cents lower at $6.32 3/4.  

Soybean futures were mixed on Monday. The market held in a fairly tight range as traders geared up for the Supply/Demand report due out Tuesday morning. Rally attempts were limited by sharp gains in the dollar and weakness in the stock market and crude oil. USDA will update crop condition ratings this afternoon. Traders are looking for them to be near unchanged from last week as most crops had plenty of moisture to withstand the recent hot and dry weather. August closed 1/4 of a cent lower at $13.46 1/2 while November was 1/2 of a cent higher at $13.47.

Wheat futures closed strongly lower on Monday. Global economic concerns that led to the sharp rally in the U.S. dollar weighed heavily on the market. The higher dollar could choke off more export demand at a time of increased export competition. Russia has begun exporting wheat again on July 1 after banning exports for nearly a year. The market was sharply lower despite ideas that USDA will estimate the spring wheat crop around only 550 million bushels on Tuesday morning, which would be the smallest crop in three years. CBOT September was 12 cents lower at $6.39 1/4, KCBT September was 16 cents lower at $7.11 1/4 and MGE September closed 22 3/4 cents lower at $7.94 1/4. 

Cattle futures were mostly higher on Monday. The market was supported by  strength in the cash market late last week and on spillover support from hogs. Cash trade was $2-$3 higher on a live basis on Friday and $5-$6 higher dressed in the North. Lean hog futures were up the limit today on ideas of pork exports to China. However, gains in cattle futures were limited by strength in the dollar and weakness in the stock market. August was 5 cents higher at $114.70 and October was 45 cents higher at $120.65.

Lean hog futures were up sharply on Monday, with the August and October contracts up the $3 limit. The market rallied on talk of pork sales to China for delivery this fall. Talk of increased business to China has supported futures for some time, but recent talk indicates there has been recent sales to China. Futures were sharply higher despite strength in the dollar and weakness in the stock market. August was up the $3 limit at $99.18 and October was $3 higher at $92.75.