Corn futures closed lower on Monday. The lack of fresh news and generally favorable growing conditions across the Corn Belt pressured the market, pushing prices to two months lows. Near normal temperatures are expected this week with chances of rain developing toward the weekend. Losses were limited by strength in crude oil and positioning ahead of the Crop Progress report this afternoon and the Acreage and Grain Stocks reports due out on Tuesday morning. July closed 7 1/4 cents lower at $3.77 and December was 7 cents lower at $3.97 1/4.



Soybean futures were lower on Monday except for the July contract. Tight old-crop stocks continue to be supportive for the nearby. Deferred contracts were pressured by favorable crop conditions and forecasts for the Midwest. In addition, traders are looking for USDA to raise their June 1 acreage number to 78.1 million acres, up from March intentions of 76 million. July closed 14 cents higher at $12.15 while November was 7 1/2 cents lower at $9.83 1/2.



Wheat futures ended lower on Monday. Seasonal harvest pressure and sluggish export demand were bearish factors. Weekend weather was good for harvest and forecasts look generally favorable for most of this week. Weekly export inspections reported this morning were only 10.1 million bushels, down from trade expectations for 13-17 million. CBOT July was 5 3/4 cents lower at $5.28 1/2, KCBT July ended 8 cents lower at $5.81 1/2 and MGE July was 15 1/2 cents lower at $6.51 3/4.



Cattle futures were sharply higher on Monday with the August contract posting limit gains. Commercial and speculative buying was initially supportive and gains accelerated on fund buying once prices pushed above technical resistance. However, cash fundamentals remain shaky as beef prices continue to decline. At midday, choice cutouts fell another 76 cents. June closed $2.15 higher at $84.63 and August was $3 higher at $85.40.



Lean hog futures closed mixed on Monday. Front end contracts were supported by short-covering from recent losses and the 42 cent jump in pork cutouts on Friday, although the steady to lower cash bids today limited gains. The Quarterly Hogs and Pigs report that was released last Friday was bearish for deferreds as herd liquidation is seen as inadequate in better aligning pork supply and demand. July ended $1.33 higher at $58.03 while December was 53 cents lower at $55.33.