Corn futures were strongly lower on Monday, slipping to the lowest level since late April. Warmer temperatures following recent rainfall is expected to help speed crop development. Weakness in crude oil and equities and strength in the dollar were also bearish factors. July closed 14 cents lower at $3.85 1/4 and December ended 14 cents lower at $4.05 1/2.



Soybean futures closed lower on Monday, hitting the lowest levels in a month. Outside market weakness, improved weather conditions in the Midwest and ideas that USDA will increase soybean acreage projections were all bearish factors. Warmer and drier weather is forecast for the Midwest this week, which will help early season growth and the tail end of soybean planting. July ended 27 1/2 cents lower at $11.51 1/2 and November was 25 cents lower at $9.81.



Wheat futures settled lower on Monday. Strength in the dollar and weakness in the stock market weighed on the wheat market. Weather forecasts for this week are generally bearish as warmer and drier weather in the southern Plains will help harvest activity expand. Yields are improving as harvest moves north. CBOT July closed 9 1/4 cents lower at $5.46, KCBT July was 10 3/4 cents lower at $6.04 and MGE July ended 5 1/2 cents lower at $6.93 1/2.



Cattle futures settled mostly higher on Monday. The slightly bullish Cattle on Feed report released on Friday afternoon provided the market support. The number of cattle on feed and May placements were below trade expectations. In addition, choice beef prices were up 50 cents at midday. However, gains in the futures market were limited by the weakness in the stock market and strength in the dollar. June closed 55 cents higher at $81.48 and August was 73 cents higher at $82.85.



Lean hog futures were strongly lower on Monday. Ideas that the gains in futures were overdone on Friday and outside market weakness pressured prices. Traders are also anticipating the Cold Storage report this afternoon to show increased pork stocks following the H1N1 outbreak and weak global economies that is expected to have slowed domestic and export demand. July ended 98 cents lower at $60.45 and October was $1.08 lower at $56.88.