Corn futures closed lower on Monday. Weakness in the stock market and lower crude oil prices weighed on corn trade. Weekly export inspections reported this morning of 31.4 million bushels were below pre-report trade estimates. However, losses were limited by the wet weather in the southern and eastern Corn Belt that has slowed spring fieldwork. Forecasts showing more chances of rain raise the possibility of planting delays. May was 2 3/4 cents lower at $3.87 1/2 and December was 2 1/2 cents lower at $4.19 1/4.



Soybean futures ended higher on Monday, led by old-crop contracts. Tight old-crop stock projections and strong export demand helped push the futures market higher. Weekly export inspections of 20.5 million bushels were at the high end of expectations and showed brisk exports to China. Gains in new-crop were limited by ideas that potential corn planting delays could push some more acreage to soybeans. May was 14 1/2 cents higher at $10.21 1/2 and November ended 5 1/4 cents higher at $9.27 1/4.



Wheat futures were mixed on Monday. Short-covering and strength in soybeans helped push the CBOT slightly higher. However, the KCBT was pressured by forecasts for rainfall in the southern Plains that should help winter wheat conditions improve there. Large global wheat stocks remain an underlying bearish factor. CBOT May ended 1 1/4 cents higher at $5.23 1/4, KCBT May was 1/2 of a cent lower at $5.70 and MGE May closed 6 1/4 cents lower at $6.38 1/4.



Cattle futures closed steady to slightly lower on Monday. Weakness in the stock market and disappointment that cash trade last week was only $86 versus some ideas that $87 was achievable weighed on the market. However, strength in the beef market and ideas of seasonal improvement in demand helped limit losses. At midday, choice cutouts were up $1.15 and Select cuts were $1.56 higher. June was unchanged at $84.60 and August was 10 cents lower at $85.18.



Lean hog futures were mostly lower on Monday, but with only small losses. Weakness in the stock market and profit-taking pushed most contracts lower today. However, losses were limited by steady to firm cash markets, strength in pork cutout prices and better than expected February pork exports reported this morning. June closed 18 cents lower at $74.10 and July was 8 cents lower at $74.98.