Corn futures closed higher Monday. Estimates by the U.S. Grains Council for China's corn crop to only be 149 million tonnes rather than USDA's current forecast of 160 million tonnes pushed the market higher. Crude oil also lent support. If the corn crop continues to mature without problems the U.S. could have a bumper crop this year. December was 4 3/4 cents higher at $3.38 3/4 and March was 4 1/2 cents higher at $3.51 1/4.

Soybean futures ended lower Monday. Harvest pressure is starting to weigh on prices, as well as the possible record-large crop that we could see this year in the U.S. Additionally, South American plantings are estimated to be quite large. Strength in crude oil and confirmation of an export sale to China limited losses. November was 6 1/2 cents lower at $9.19 1/2 and January was 6 1/2 cents lower at $9.24 1/2.

Wheat futures settled higher Monday. The market recovered a bit from Friday's sharp losses. Prices have been pressured by good weather in the Northern Plains for harvest, and the Central Plains for germination. Concerns that variable storage rates could be applied to futures contracts will keep prices in check. CBOT December was 6 cents higher at $4.55 3/4, KCBT December was 5 3/4 cents higher at $4.75 and MGE December was 1 1/2 cents higher at $4.88 1/4.

Cattle futures ended higher Monday. Volume was light, but the market improved on support from lean hogs and outside markets. Beef cutouts were up at midday, which also helped futures. The choice was 25 cents higher and select was up 11 cents. October was 50 cents higher at $86.10 and December was 43 cents higher at $85.78.

Lean hog futures closed mostly higher Monday, with only the nearby October slipping lower. The market pushed higher as the trade was relieved that the quarterly hogs and pigs report was not as bad as some had expected. Market hog inventory was down 2.2% from a year ago and breeding hogs were down 3%. Lower cash hog prices pared gains. October finished 8 cents lower at $49.88 and December was 70 cents higher at $49.73.

Cotton futures are trading higher at midday. Reports of boll rot in the Delta after rain continued to drench the region throughout the weekend have pushed prices higher. Sharply lower prices after Friday's selloff has triggered some buying as well. December is 86 points higher at 62.80 cents, and March is 90 points higher at 64.84 cents.