Corn futures were sharply lower Monday. Futures opened lower and continued down, with selling pressure picking up once futures fell below the 100-day moving average on the May contract. May futures have fallen to nearly an 11-week low. Forecasts appear favorable for the crop with rain this week being followed a drier Midwest pattern next week. May closed 12 1/4 cents lower at $3.91 while new-crop December fell 8 1/2 cents to $4.01 1/4.



Soybean futures continued to fall on Monday. The weakness today was partly due to the funds selling off as soon as the market opened lower. Generally favorable weather forecasts and declining export demand were negative factors. Weekly export inspections reported this morning were less than 18 million bushels compared to trade expectations of up to 25 million. May ended 11 cents lower at $7.58 1/2 and November was 11 3/4 cents lower at $8.01 1/4.



Wheat futures were lower on the close Monday. A steep break in the corn market, favorable weather in the Plains, and slow exports provided the fundamental pressure. Weekly export inspections were 14.4 million bushels, down slightly from last year's 15.2 million bushels and well below the five year average of 19.8 million bushels for the week. CBOT May was down 3 1/2 cents to close at $4.58. KCBT May was 7 3/4 cents lower at $4.77 while MGE May fell 2 1/2 cents to close at $4.99.



Cattle futures were mixed on the close Monday. After trading lower early in the session, most futures moved higher with support from ideas that the wholesale beef market is bottoming. Cash cattle trade is expected to find support at current levels and move higher in the near-term. April slipped 5 points to close at $98.05. June was 42 points higher at $95.12. April feeder cattle gained 117 points to close at $106.30.



Lean hog futures closed mixed on Monday with nearby contracts higher and deferreds down. The strength for nearby contracts came in part from better cash bids. Gains in the June contract were trimmed and most deferred contracts ended lower due to falling corn prices today. April ended 23 cents higher at $63.80 and June was 53 cents higher at $74.30.