Corn futures ended lower on Monday. Today's action felt like consolidation trade rather than a reversal lower. Futures are very overbought and are due for further consolidation or a mild setback to correct the situation. Weekly export inspections were neutral at 40.2 million bushels. December closed 3 cents lower at $3.29 1/2. March settled 1 1/2 cents lower at $3.43.



Soybean futures closed higher on Monday, settling near the 10-month high. The market opened higher on technical buying this morning, taking out last week's high of $6.40. The market retreated for a while but came back to the $6.42 point near the close. November settled 4 1/4 cents higher at $6.39 3/4 and January was 4 1/4 cents higher at $6.53 1/4.



Wheat futures closed lower on Monday. December CBOT futures traded below the $5.00 mark to the lowest level in nearly three weeks. There was little fresh fundamental news. Weekly export inspections were a little disappointing at only 11.7 million bushels vs. expectations of 15 million to 20 million. CBOT Dec was 7 1/2 cents lower at $5.01. KCBT Dec was 6 1/4 cents lower at $5.24 1/2. MGE Dec was 2 1/2 cents lower at $5.05 1/2.



Cattle futures closed mostly lower on Monday. The October contract, which expires on Tuesday, was supported by last week's firm cash trade. Deferreds were pressured by speculative selling and concern that boxed beef prices are topping for now. October ended 23 cents higher at $90.05 and December was 60 cents lower at $88.68. November feeder cattle were 5 cents higher at $103.63.



Lean hog futures continued to rise on Monday, fueled by stronger cash bids. Pork demand remains strong as hog slaughter continues to run well above year ago levels. The solid demand has some traders believing that the low is in for the year and that prices could continue to rise through the rest of the year. December gained 65 cents and closed at $65.25. February was up 48 cents at $67.90.