Corn futures closed lower on Monday. With the funds heavily long futures, the possibility of some liquidation weighed on futures prices Monday. Weekly export inspections, at 35.9 million bushels, were at the low side of expectations. Weakness in the energy complex also seemed to pressure corn futures. March futures settled 5 1/2 cents lower at $4.00 while new-crop December was 4 cents lower at $3.94 1/2.



Soybean futures closed slightly lower on Monday. The market was choppy today with generally bearish fundamentals and weakness in corn weighing on futures. However, losses were limited by firm cash markets amid slow farmer selling and the market trying to limit the loss of acreage to corn this spring. March closed 1 cent lower at $7.09 1/2 and November was unchanged at $7.63.



Wheat futures were lower on Monday. Weakness in corn contributed to the selling pressure. News that Egypt has purchased 120,000 metric tons of U.S. soft red winter wheat was lightly supportive. However, speculative long liquidation overshadowed other market factors. CBOT Mar fell 7 cents to close at $4.56 1/2. KCBT Mar was 9 3/4 cents lower at $4.78 1/4 while MGE Mar was down 6 1/4 cents at $4.87 1/4.



Cattle futures closed mixed on Monday. February posted solid gains and hit the highest level since January 19. Active cash trade on Friday and colder weather in the Plains provided fundamental support. Lower corn prices weighed on the deferred contracts. February gained 37 points to close at $90.60. April was 17 points lower at $93.40. March feeder cattle were 130 points higher at $95.40.



Lean hog futures closed narrowly mixed on Monday with some confusing signals from the cash market and concerns that the market was getting top heavy. Prices have been trending up for about a month and traders are beginning to talk about the market being overbought and due for a correction. February ended 18 cents higher at $64.05. June fell 25 cents and ended at $76.63.