Corn futures closed modestly higher Monday. Technically oversold conditions helped boost prices, as well as unwinding of corn/soy spreads. Another supportive factor was a report that 120,000 tonnes of U.S. corn were sold for export. Gains were limited by forecasts for good weather across the Midwest to continue. Weekly inspections of 38.8 million bushels were higher than expected. September was 3 1/2 cents higher at $3.31 3/4 and December was 1 1/2 cents higher at $3.39 1/2.

Soybean futures finished lower Monday. Good crop weather across the Midwest continues to weigh on soybean futures. Rains have been timely and temperatures mild. Export inspections of 10.9 million bushels were down 26 percent from the previous week, but within trade expectations. Unwinding of corn/soy spreads pushed prices lower. Losses in crude oil also added to weakness. August was 26 1/4 cents lower at $10.18 1/2 and November was 5 1/2 cents lower at $9.11 1/2.

Wheat futures settled higher Monday. Prices surged on news that India will restrict exports in an effort to manage supply due to the poor-performing monsoon rains. Technical-based buying added to gains. Harvest in the Plains is being slowed by showers. Poor weekly inspections of 9.6 million bushels, down 36 percent from the previous week and below trade expectations limited gains. CBOT September was 24 cents higher at $5.42 3/4, KCBT September was 23 1/2 cents higher at $5.71 and MGE September was 18 1/2 cents higher at $6.21 1/4.

Cattle futures finished higher Monday. Feeder cattle rallied as well, surging to nine-month highs in the August and September while October through May hit new contract highs. A report of light June feedlot placements in Texas led to buying. Futures continued to climb on technical support as buy stops were hit. Good cash market activity last week is expected to feed into this week. August closed $1.30 higher at $84.78 and October was $1.60 higher at $90.25.

Lean hog futures closed mostly lower Monday despite morning gains on technical support. Plans have been laid out to reduce slaughter due to poor margins at pork plants, which led to the shutting down of production at three large plants for today. The slowing of the chain speed pressured prices, as well as lower exports compared to last year. August was 60 cents lower at $63.00 and October was 15 cents higher at $58.80.