Corn futures traded higher on Monday. The market was able to bounce from the eight-week low set last Friday on support from strength in the stock market and weakness in the dollar index. Outside markets were supported by news that European leaders are near an agreement to deal with the euro-zone debt crisis. December closed 9 1/4 cents higher at $5.91 3/4 and March was 8 1/2 cents higher at $5.98 1/2.
Soybean futures closed solidly higher on Monday. The market was supported by short-covering and technical bounce from recent losses. Outside markets were supportive on optimism that European leaders will agree to measures to deal with the euro-zone debt crisis. Fundamental news for soybeans is limited but there are ideas that China will continue to be strong customer for U.S. soybeans. January ended 14 1/2 cents higher at $11.21 and March was 15 1/4 cents higher at $11.31.
Wheat futures closed mixed on Monday. The market was supported much of the day by weakness in the dollar index and strength in the stock market. Outside markets were able to find support from optimism that European leaders will agree to a plan to deal with the euro-debt crisis. But gains were trimmed and some contracts turned lower as the losses in the dollar were cut and on continued sluggish export demand. Weekly export inspections reported this morning were only 15.4 million bushels. CBOT December ended 1/4 of a cent higher at $5.74 3/4, KCBT December was 2 1/4 cents lower at $6.41 1/4 and MGE December closed 3 3/4 cents higher at $8.31.
Cattle futures closed mostly higher on Monday. The nearby December contract was slightly lower on concern that poor margins will cause packers to pull back bids again this week. However, deferred contracts were higher on outside market support. Strength in the stock market was generated from optimism that European leaders will soon reach an agreement to deal with the euro-zone debt crisis. December ended 15 cents lower at $120.95 while February was 25 cents higher at $122.55.
Lean hog futures settled lower on Monday. Profit-taking from recent strength weighed on futures despite supportive outside market factors. Strength in the stock market and weakness in the dollar index were unable to pull lean hog futures higher. Losses in the December contract were limited by steady to $1 higher cash trade developing today. December closed 75 cents lower at $87.55 and February was $1.23 lower at $90.58.