Corn futures closed higher on Monday. Corn futures traded on both sides today, but mostly up. Economic instability and a strong dollar weighed on prices. Weekly export inspections for corn were 26.8 million bushels, slightly below forecasts of 27 to 31 million bushels. USDA’s crop progress report showed that 86 percent of the corn crop is planted. July is 2 cents higher at $5.83 and December is 1/4 cents higher at $5.05 1/2.
Soybean futures closed lower again on Monday. Soybean prices tumbled as global economic uncertainty weigh on commodity markets. New crop November contract at the CBOT traded below $13, a two month low for soybeans. Spillover weakness in soybean oil, soybean meal, and crude oil markets weighed prices down further. The July contract is down 19 cents at $13.87, and the November contract is down 26 1/2 cents at $12.94 3/4.
Wheat futures traded mixed on Monday. Wheat prices some relief after opening lower this morning. Export inspections of 28 million bushels encouraged prices as well as spillover support from the corn market. Overall, fundamentals of the market remain bearish. CBOT July is 2 1/2 cents higher at $5.97; KCBT July is 3 1/2 cents higher at $6.10; and MGE July is 1/2 cents lower at $7.27.
Cattle futures closed higher on Monday. Cattle futures were supported by last week’s cash cattle prices. Beef cutout values were higher at midday. Select was up $2.24 and choice was up 87 cents. However, cattle futures continued to see downward pressure the value of the dollar remained strong. June cattle futures are $1.50 cents higher at $116.15 and August is 72 cents higher at $118.45.
Lean hog futures closed higher on Monday. The market was supported by an increase in the cutout on Friday and steady to higher cash bids on Monday. However, concerns about the economic situation and the strength of pork exports limited any gains. The June contract closed at $85.38, up 33 cents. July was 60 cents higher at $85.52.