Corn futures settled higher on Monday. The market opened lower on follow-through weakness from the technical selling last week. There wasn't any particularly bullish news to prompt the rally, just strong buying support below the market. December closed 5 1/2 cents higher at $3.18 1/4. March settled 5 1/2 cents higher at $3.30 1/4.

Soybean futures closed higher on Monday. Despite the fact that the crop is estimated to be record large and that ending stocks will build to a new record, futures rallied after a lower open. Harvest has been slowed due to wet weather over the past few days and farmers have been tight-fisted waiting for prices to continue higher. November closed 11 cents higher at $6.17 1/2 and January was 10 1/4 cents higher at $6.30 1/2.



Wheat futures were higher at the close on Monday. After opening lower, the market gradually recovered to settle higher. Early weakness was sparked in part by reports that China sold about 15 million bushels of wheat into the world market late last week. Even so, a recovery in corn and soybean prices helped wheat futures bounce back. CBOT Dec was 12 cents higher at $5.17. KCBT Dec was 11 1/4 cents higher at $5.42 1/4. MGE Dec was 8 1/2 cent higher at $5.18 1/4.



Cattle futures closed strongly higher on Monday. Supportive cash trade late on Friday and a big jump in beef prices this morning helped support futures. Fund buying helped extend gains once technical resistance was broken. October closed 168 points higher at $89.35 and December was 163 points higher at $88.70. November feeder cattle settled 25 cents higher at $105.00.



Lean hog futures closed higher on Monday with the strength attributed to short covering and ideas that cash prices will turn higher this week. Packers' margins have improved due to falling cash hog prices, and cash bids showed some gains during Monday's trading. December was up 68 cents at $60.03. The February contract was up $1.03 at $63.03.