Corn futures closed slightly higher on Monday. Spillover support from soybeans and some export business with South Korea overnight pushed prices higher. But gains were limited by weakness in the stocks market and crude oil. Export demand has been strong recently, although weekly export inspections reported this morning fell below trade expectations. March ended 1 1/2 cents higher at $3.51 3/4 and May was 1 3/4 cents higher at $3.60 3/4.



Soybean futures were moderately higher on Monday. Commercial buying and technical support from oversold conditions helped the market rebound today. There are some ideas that an Argentine farmer strike could be extended, which would be beneficial to U.S. export demand. But gains were trimmed from early in the session by weakness in outside markets and weekend rainfall in Argentina that has helped improve crop conditions. March closed 10 1/4 cents higher at $8.72 3/4 and May was 12 3/4 cents higher at $8.76.



Wheat futures turned lower on Monday. Despite firm corn and soybean prices, the wheat markets traded lower. Sluggish weekly export inspections reported this morning and news this weekend that Egypt bought Russian wheat rather than from the U.S. weighed on prices. Outside market pressure was also a bearish factor. CBOT March ended 8 3/4 cents lower at $5.10 1/2, KCBT March was 8 cents lower at $5.48 1/4 and MGE March fell 7 1/4 cents to $6.17 1/2.



Cattle futures closed mostly higher on Monday. Contracts covering 2009 were firm while deeper deferreds months slipped lower. Short-covering helped front end contracts rally after April futures hit contract lows last week. But the weakness in the stock market and concern about the economy hurting beef demand limited gains and kept deferreds on the defensive. April ended 50 cents higher at $83.93 and June was 30 cents higher at $81.85.



Lean hog futures ended mostly higher on Monday. Short-covering and technical buying helped push prices higher following the recent sharp losses that had pushed futures to new contract lows. Cash markets remain in a downtrend as packer margins are poor and pork demand remains sluggish. April closed 28 cents higher at $58.23 while June fell 3 cents to close at $70.95.