Corn futures traded higher on Monday. The market was supported by a confirmed sale of U.S. corn to China. There was also talk of hot and dry weather stressing China’s 2010 corn crop. In addition, crude oil and the stock market were higher while the dollar is lower. But further gains were limited by favorable crop weather and ideas that crop condition ratings will remain strong in the Crop Progress report this afternoon. July ended 4 1/4 cents higher at $3.53 3/4 and December was 4 cents higher at $3.75.
Soybean futures closed higher on Monday. Futures were supported by weakness in the dollar and strength in crude oil and equities. The market rallied despite bearish NOPA crush report. May crush was 127.8 million bushels compared to trade expectations of 131.7 million. Soybean oil helped support soybeans as it rallied on strength in crude oil and concern about lower canola production in Canada. July closed 5 1/4 cents higher at $9.51 1/2 and November was 7 cents higher at $9.16 1/4.
Wheat futures were solidly higher at Monday. The MGE led the rally as spring wheat was supported from ideas of a smaller wheat crop in Canada after the Canadian Wheat Board reported late last week that wet weather left up to 12.5 million acres of cropland unplanted in Western Canada. Rain in the southern Plains has stalled winter wheat harvest and will likely hamper quality and hurt protein levels in the HRW crop. CBOT July closed 10 3/4 cents higher at $4.51 1/2, KCBT July was 12 1/2 cents higher at $4.79 1/2 and MGE July ended 21 1/2 cents higher at $5.23 1/4.
Cattle futures closed higher on Monday. Strong losses in the dollar index and spillover strength from the lean hog pit were supportive factors. But gains are being limited by the weak tone in the cash market last week at $92-$93 and ideas of lower trade again this week. Boxed beef prices fell to lowest level since March last week and were lower again at midday. June was 28 cents higher at $89.78 and August ended 85 cents higher at $88.13.
Lean hog futures were strongly higher on Monday. Higher cash pork prices on Friday, firm cash bids this morning and outside market strength supported futures trade. Pork prices rebounded from four-month lows set last week on Friday. Weakness in the dollar was a positive factor for pork exports. July ended $1.50 higher at $80.05 and August closed $1.43 higher at $81.78.