Corn futures closed higher on Monday. Spillover support from new-crop soybean prices and technical strength helped push prices higher. But gains were limited by the rally in the dollar and more favorable crop weather. Planting was slowed some last week by rain, but planting progress in this afternoon’s Crop Progress report is still expected to be in the 91%-95% complete range. The warmer temperatures and sunshine in the Midwest this week is expected to help crop condition ratings improve. July ended 2 cents higher at $3.71 and December was 3 3/4 cents higher at $3.89.
Soybean futures closed mostly higher on Monday. Deferreds rallied, but July was slightly lower on pressure from strength in the dollar and weakness in the stock market. New-crop months were supported by the uncertainty about this year’s crop weather. However, planting progress should improve this week with warmer and drier weather. Traders are looking for the Crop Progress report this afternoon to show planting progress around 55% complete. July was 1/2 of a cent lower at $9.40 1/2 while November ended 8 cents higher at $9.15 1/2.
Wheat futures settled lower on Monday. Strength in the dollar and bearish fundamentals pushed prices lower today. Export demand remains sluggish and U.S. and global wheat supplies remain abundant. Losses were limited by futures already trading just slightly above contract lows. CBOT July closed 4 1/2 cents lower at $4.67 1/2, KCBT July was 4 1/2 cents lower at $4.90 1/2 and MGE July ended 4 1/2 cents lower at $5.10.
Cattle futures closed lower on Monday. Expectations for the cash market to be lower this week and the lower trend in boxed beef prices weighed on futures. Choice beef prices were down slightly at midsession. Strength in the dollar and weakness in the stock market also contributed to the losses. The market showed little reaction to the Cattle on Feed report on Friday afternoon, which was near trade expectations. June ended 25 cents lower at $91.13 and August was 43 cents lower at $90.20.
Lean hog futures traded higher on Monday. The market was lower early in session on the weak tone in the cash market and lower pork cutout values. But short-covering helped prices turn higher with help from the bullish Cold Storage report on Friday. Pork in storage at the end of April were a six-year low and were down 21% from a year-ago. June closed 43 cents higher at $81.88 and August ended 33 cents higher at $82.65.