Corn futures closed strongly lower on Monday. The market was pressured by strength in the dollar and weakness in the stock market. Rainfall in the western Corn Belt is beneficial for the newly planted crop while more rain in the eastern Midwest will further delay the tail end of corn planting. Some acreage intended for corn is expected to be switched to soybeans. Traders are looking for USDA to peg planting progress at 95% complete this afternoon. July closed 9 cents lower at $4.35 and December ended 9 1/2 cents lower at $4.58.



Soybean futures were mixed on Monday. The nearby July contract hit a new 9-month high amid tight old-crop supplies. However, deferred contracts were lower amid strength in the dollar and forecasts for more favorable weather in the Midwest. Traders are looking for USDA to peg planting progress at around 80% in the Crop Progress report this afternoon, which is still well below normal. July closed 7 cents higher at $12.32 1/2 while November was 10 cents lower at $10.51 3/4.



Wheat futures closed strongly lower on Monday. The market extended the setback from eight month highs set last week amid strength in the dollar and weakness in the stock market. Weekly export inspections of 17.5 million bushels were above trade expectations, although that was still below the pace needed in the 2009/10 marketing year to meet USDA's export forecast. CBOT July ended 25 cents lower at $5.98, KCBT July was 22 1/4 cents lower at $6.52 3/4 and MGE July was 25 1/4 cents lower at $7.18 1/4.



Cattle futures settled lower on Monday. The market was pressured by weakness in the stock market, which kept concerns about the economy and poor beef demand on trader's minds. Last week, choice cutouts fell to the lowest level since April 9, although at midday they gained back 31 cents. June closed 73 cents lower at $79.43 and August was 53 cents lower at $80.63.



Lean hog futures were lower on Monday, except for the spot June contract which was higher on a short-covering bounce from technically oversold conditions. Deferreds were pressured by weakness in the cash market, the $1.02 drop in pork cutouts on Friday and spillover weakness from the losses in the stock market. June closed 40 cents higher at $57.58 while August was $1 lower at $61.53.