Corn futures were strongly higher on Monday. Spillover strength from soybeans, surging equity markets, strength in crude oil and weakness in the dollar supported the market. USDA will release the first crop condition rating of the season and will update planting progress this afternoon. Traders are looking for planting to be 90%-95% compared to the 5-year average of 98%. July ended 9 1/2 cents higher at $4.45 3/4 and December was 10 cents higher at $4.69 1/4.



Soybean futures were sharply higher on Monday. The market rallied to the highest level in eight months for the spot contract due to tight soybean supplies, below normal planting weather, weakness in the dollar and gains in the equity markets and crude oil. Traders look for USDA to peg soybean planting progress at 70% complete versus the 5-year average of 81%. July closed 34 1/2 cents higher at $12.18 1/2 and November was 23 1/2 cents higher at $10.86.



Wheat futures posted sharp gains on Monday. Fund buying was triggered by spillover strength from soybeans, surging equity markets and weakness in the dollar. The dollar fell to the lowest level of 2009, which is beneficial for U.S. exports. Rainfall in the southern Plains is detrimental to the maturing winter wheat crop and early harvest. Drier weather has helped spring wheat planting, but some acreage is expected to be switched to other crops. CBOT July closed 37 1/4 cents higher at $6.74 1/2, KCBT July ended 39 cents higher at $7.26 and MGE July was 23 cents higher at $7.95.



Cattle futures are settled lower on Monday. The market was higher much of the session on fund buying triggered by strength in the stock market and weakness in the dollar. However, strength in corn futures triggered the sell-off. Shaky fundamentals also weighed on prices. Choice beef prices were down $1.36 on Friday and fell another $1.12 at midday. June closed 80 cents lower at $80.53 and August was 18 cents lower at $81.65.



Lean hog futures closed mixed on Monday. The June contract fell to a new low, pressured by spread trade and futures premium to cash. However, deferreds were supported by the spread trade, strength in the stock market and ideas that Russia will soon lift their bans on U.S. pork imports. June fell $1.18 to $62.75 while August ended 8 cents higher at $66.05.