Corn futures closed mixed on Monday. Spread activity was noted today as the old-crop was weak and new-crop higher. A private acreage estimate last week indicating a lower than expected increase in plantings in 2007 has given new-crop a boost while old-crop is at risk of some long liquidation. March settled 2 1/2 cents lower at $4.04 1/4 while new-crop December was 5 3/4 cents higher at $3.96 1/2.



Soybean futures ended mixed in choppy trade Monday. Rally attempts failed to attract any follow through buying as lower old-crop corn limited buying interest. Fundamental news was bearish today as weekly export inspections of about 22 million bushels were at the very bottom of expectations. March ended 1/2 of a cent lower at $7.17 1/4 and November was 1/2 cent lower at $7.68 3/4.

Wheat futures ended mixed on Monday after a two-sided trading session. Late weakness dropped the old crop futures to small losses while the new crop contracts held onto slight gains. The weekend winter storm in the Plains brought another round of beneficial precipitation to the hard red winter wheat crop. CBOT Mar ended 2 cents lower at $4.65, KCBT Mar was 2 1/4 cents lower at $4.87 and MGE Mar was 2 cents lower at $4.96.



Cattle futures closed lower on Monday. Futures hit the lowest level since December 27, pressured by Friday's lower cash prices and recent declines in wholesale beef prices. Speculative longs that had bought futures on weather concerns were liquidating those positions today. February closed down 80 points at $90.25 and April was 37 points lower at $92.70. January feeder cattle fell 57 points to close at $94.42.



Lean hog futures started the day higher but ended mostly lower on Monday. Futures prices generally followed the cash market which started the day firm but was showing mostly lower bids by the end of the day. The February contract is still at a significant premium to the settlement index, which also pressured futures. February was down 63 cents at $60.95. June was down 43 points to close at $74.40.