Corn futures closed 10 cents lower on Monday. Market prices tumbled on forecasts for much needed rains across the northern Midwest over the next 2-3 days. Forecasters have predicted as much as 1 to 2 inches of rain across this production region. Another seemingly bearish factor for the market today was outside market pressure tied to Spanish debt woes and the EU debt crisis in general. USDA is set to release its crop progress report this afternoon at 3:00 pm CDT. The market is expecting to see a 4 percentage point decline to corn’s good/excellent condition rating.

Soybean futures closed sharply lower on Monday. Market prices tumbled 59 to 67 cents lower across 2012 contracts. Forecasts for early week rains and macro-economic pressure sent soybean prices spiraling from last week’s record highs. Investor long liquidation tied to resurfacing EU debt worries limited any gains from expectations of further reductions to soybean condition ratings today. USDA is set to release its crop progress report this afternoon at 3:00 pm CDT. The market is expecting to see a 3 percentage point decline to the soybean good/excellent condition rating.

Wheat futures closed 26 to 31 cents lower on Monday. Wheat futures followed corn and soybean futures lower most of today’s session. A combination of lower outside market weakness, a rallying dollar index, and profit taking kept wheat prices in check. September wheat at CBOT closed down by as much as 31 cents today after posting record highs last week. As global wheat supply estimates continue to dwindle due to unfavorable weather conditions across key wheat producing regions, market prices should see renewed buying interest.

Live cattle futures closed higher on Monday. Cattle futures managed to close the session on the upside despite lower boxed beef prices and the rising dollar index. Midday boxed beef prices were down for both choice (48 cents) and select (.25 cents) cuts respectively. Cattle futures also bucked pressure lower outside markets and commodity sell offs due to the resurgence of the EU debt crisis. Weakness in the corn market helped to support prices as today as well. August closed 65 cents higher at $118.60 and December closed 28 cents higher at $126.55.

Lean hog futures closed lower on Monday. The market traded lower most of the session with October posting moderate losses of $1 at one point during the trade. Lower outside markets and upside momentum in the dollar index due to the ongoing EU debt crisis kept prices on the defensive. Lower cash and wholesale pork prices also weighed on futures. August closed 38 cents lower at $93.30 while October closed 95 cents lower at $78.85.