Corn futures were higher Monday with gains driven by cool, wet weather and harvest delays. Harvest progress as of Sunday is expected to be about 10%, a point or so below the five-year average. The threat of freeze damage by Wednesday morning is also of some concern, but most expect the hard freeze to be far enough north to have little impact on production. December closed up 6 cents at $2.47 3/4. March 07 was 6 cents higher at $2.61 1/2.

Soybean futures closed higher on Monday. Follow-through technical buying from last Friday provided early support. Also, cool and wet Midwest weather will slow early harvest progress and crop maturity. November futures settled 3 1/4 cents higher at $5.53. January was 3 1/4 cents higher at $6.65 3/4.



Wheat futures were a few cents higher on Monday. Spillover support from corn and news that a group of officials from Iraq were arriving in the U.S. attracted renewed speculative buying interest. After a prolonged absence from the market, the visit is sparking ideas that Iraq will soon buy U.S. wheat. CBOT Dec was 3 cents higher at $3.95 1/2. KCBT Dec climbed 3 1/2 cents to close at $4.66. MGE Dec was up 1 1/4 cents at $4.43 1/2.



Cattle futures closed higher on Monday. Short covering is lending support amid ideas that the recent setback may have been overdone. Also, there are ideas that cash cattle will hold about steady this week despite the fact that showlists are expected to be a little larger after fairly light cash sales last week. October gained 77 points to close at $90.90. December was 75 points higher at $91.10. October feeder cattle were up 15 points at $116.17.



Lean hog futures ended strongly lower on Monday. Lower-than-expected cash bids this morning started futures lower, with fund selling and sell-stops extending losses. There is concern that packers will slow slaughter due to declining pork cutout values and tightened margins. October ended $1.30 lower at $64.70 and December was $1.78 lower at $61.68.