Corn futures closed higher on Monday. The market opened sharply higher, gapping to a new contract high before gains were trimmed. Two main factors were in the market and both centered on exports. First, Argentina continued with the suspension of 2006/07 corn export permits. Secondly, there is also concern that China may not be able to fulfill near-term export commitments. December closed 4 3/4 cents higher at $3.60. March futures settled 4 1/2 cents higher at $3.75.

Soybean futures gapped higher on Monday morning, but gains were trimmed ahead of the close. Strength in corn provided initial support. Soybean oil futures were also firm on spillover strength from the palm oil market. However after the opening strength, gains were trimmed by profit-taking as traders head into the Thanksgiving holiday. January was 7 cents higher at $6.67 1/2 and March was 7 1/4 cents higher at $6.80.



Wheat futures ended mostly lower on Monday. Corn appears to be the major market driver as wheat futures backed off of the day's highs when corn slipped from session highs. Dry weather in the hard red winter wheat belt was an underlying fundamental supportive factor today. CBOT Mar was 1/4 of a cent lower at $4.93 3/4, KCBT Mar was 2 cents lower at $5.27 1/2, MGE Mar was 1 cent lower at $5.11.



Cattle futures closed mostly higher on Monday. Deferred contracts were supported by the higher corn prices and lighter than expected marketings in Friday's Cattle on Feed report. December was pressured by the lighter than expected October marketings number and concern that high corn prices will front load cattle marketings. December was down 15 cents at $87.43 and February was 40 points higher at $90.63.



Lean hog futures posted solid gains on Monday due primarily to short covering and fund buying. After the big declines recorded last week, some traders argued that futures were oversold. However, cash markets were generally steady to lower suggesting that Monday's gains in futures may be short lived. December was 80 cents higher at $62.05 and February posted a gain of $1.03 to $65.95.