Corn futures closed higher on Monday. The market was supported by weakness in the dollar index and follow through from the private acreage estimate released Friday for corn acreage to decline 3.6 million acres next year. Weekly export inspections at 29.3 million bushels were above pre-report trade estimates. However, gains were limited by crude oil reversing lower, after strong gains this morning, and losses in the stock market. March ended 1 3/4 cents higher at $3.75 1/4 and July was 2 cents higher at $3.97 1/4.



Soybean futures were mostly lower on Monday. Futures were higher much of the session, but turned lower when crude oil fell sharply from the highs for the day. In addition, weekly export inspections of 34.4 million bushels were below trade estimates ranging from 35-40 million. The private trade estimate on Friday for soybean acreage to climb 5.6 million acres next year remains an underlying bearish factor. January fell 8 cents to $8.46 and March was 6 3/4 cents lower at $8.49 1/2.



Wheat futures settled mostly higher on Monday. Winter wheat futures were supported by weakness in the dollar and the private acreage estimate on Friday that estimated 2009 wheat area down 2.1 million acres from 2008. But gains were limited by smaller than expected weekly export inspections of 12.3 million and the ample stocks of wheat worldwide and in the U.S. CBOT March closed 7 cents higher at $5.20, KCBT March ended 3 cents higher at $5.41 1/4 while MGE March ended 2 cents lower at $5.88.



Cattle futures traded strongly higher on Monday. Short-covering after the sell-off last week, the decline in the dollar index today and strength in midday beef prices helped push prices higher. Choice cutouts were up $2.85 at the midday report after falling to the lowest level since April on Friday. February ended $1 higher at $83.80 and April was $1.20 higher at $86.15.



Lean hog futures closed higher on Monday, supported by higher corn prices and weather problems. The very cold weather could slow weight gains and reduce pork production near term and traders used that as an excuse to bid up hog futures. February ended 30 cents higher at $62.58, April was 68 cents higher at $68.45 and June settled 48 cents higher at $78.00.