Corn futures settled lower on Monday. Improved chances for rain across Argentina weighed on prices. The market is beginning to view this week's rainfall event as a potential drought breaker rather than just timely showers. March ended 3 1/4 cents lower at $2.11. May closed 3 cents lower at $2.20 1/2.



Soybean futures ended sharply lower on Monday. The market dipped to the lowest level in 4-weeks on spillover technical selling from Friday and forecasts for improved weather in Argentina. Forecasts are calling for cooler temperatures and good chances of rain this week. March closed 17 cents lower at $5.94 and May ended 18 cents lower at $6.03.



Wheat futures closed lower on Monday. A steep break in soybeans sparked the selling pressure with technical selling extending the losses. Several USDA reports due out Thursday will provide new fundamental data for the markets. CBOT Mar fell 4 1/4 cents to close at $3.26 1/2. KCBT Mar was down 8 1/4 cents at $3.70 1/2 and MGE Mar was 3 cents lower at $3.80 1/2.



Cattle futures closed higher on Monday. The market continues to exhibit impressive underlying strength, recovering from early weakness to close solidly higher. April is challenging contract highs on support from funds rolling long positions from February to April. February closed 42 points higher at $96.47. April cattle closed 82 points higher at $95.37.



Lean hog futures closed mostly higher on Monday. Improving cash bids provided support to futures prices but traders are watching to see if the recent uptrend in cash bids can continue. Declining pork cutouts are tightening packer margins. February ended 20 cents higher at $64.68. April ended 75 cents higher at $68.80.