Corn futures settled strongly lower on Monday. Strength in the dollar and weakness in the stock market pressured commodity markets including crude oil. Weather forecasts call for some warmer temperatures later this week, which would be beneficial for much of the crop. USDA will update crop condition ratings this afternoon and traders are looking for them to be around 70% good to excellent. July was 19 1/2 cents lower at $4.06 and December ended 20 cents lower at $4.27 3/4.



Soybean futures ended sharply lower on Monday. Speculative selling was triggered by the outside market weakness and strength in the dollar. Forecasts for improved crop development weather was bearish for new-crop even through planting progress is expected to be reported below normal at only 90% this afternoon. A larger than expected NOPA crush reported this morning failed to provide any support. July was 48 1/2 cents lower at $11.97 and November ended 51 3/4 cents lower at $10.24 3/4.



Wheat futures closed lower on Monday. Losses were extended from last week on technical selling, strength in the dollar and spillover weakness from other commodity markets. However, losses were limited in wheat by recent rainfall in the southern Plains that has delayed harvest progress and rainfall in the SRW wheat belt that will increase disease problems. CBOT July closed 9 1/2 cents lower at $5.75 1/4, KCBT July was 5 1/4 cents lower at $6.31 3/4 and MGE July closed 10 1/2 cents lower at $7.22.



Cattle futures were lower on Monday. Strength in the dollar and weakness in the stock market weighed on futures. Front end losses were limited from further weakness by the steady cash trade in the southern Plains late last week at $82. Choice beef prices were 66 cents higher at midday. June closed 58 cents lower at $79.90 and August was 78 cents lower at $80.83.



Lean hog futures closed sharply lower on Monday. New contract lows were hit in the August through February contracts. Weakness in other commodities, strength in the dollar and concern about demand for pork worldwide remain bearish factors. July closed $1.40 lower at $58.40 and October was $1.08 lower to $55.75.