Corn futures closed strongly lower on Monday. Weakness in the equity markets and crude oil pushed prices lower. The stock market dipped below 7,000 points for the first time since 1997 and crude oil was down over $4. Weekly export inspections were slightly above pre-report trade expectations at 31.3 million bushels, although that was unable to support prices. May ended 8 3/4 cents lower at $3.50 1/4 and July closed 9 cents lower at $3.59 1/2.



Soybean futures were sharply lower on Monday. Declining outside financial markets kept futures on the defensive as investors were pulling money out of commodities and moving them to safer investments. The dollar was up strongly, which is bearish for export demand at a time when China will begin looking to South America for soy needs. May closed 28 cents lower at $8.44 and July ended 28 1/2 cents lower at $8.46 1/2.



Wheat futures settled strongly lower on Monday. Losses in crude oil and equity markets and strength in the dollar were bearish factors for wheat. Fundamental news was largely ignored today. Dry conditions remain in the Southern Plains and with some of the crop breaking dormancy early, the crop is more vulnerable to a cold snap. CBOT May ended 15 1/2 cents lower at $5.06, KCBT May was 11 3/4 cents lower at $5.48 1/4 and MGE May fell 13 3/4 cents to $6.12 1/4.



Cattle futures were sharply lower on Monday. The big drop in the stock market and other commodities weighed on cattle futures. The firm cash cattle trade late last week failed to support prices in the face of outside market weakness. Speculative and technical selling helped extend losses today. April closed $1.98 lower at $83.95 and June ended $1.70 lower at $82.20.



Lean hog futures closed lower on Monday. The ongoing concern about the economy coupled with the sharply lower stock market and crude oil pressured futures. However, nearby losses were limited by some strength in the cash market today. Packer margins have turned positive, but sluggish pork demand is limiting gains in wholesale pork prices. April ended 63 cents lower at $60.28 and June was $1.05 lower at $71.48.