Corn futures were mostly lower Monday. Prices were under pressure in overnight trade and losses multiplied through the day until a late session recovery trimmed losses and even led new-crop futures to a higher close. Weakness in all the grains and oilseeds along with a sell-off in several outside markets weighed on corn futures. March settled 3 1/2 cents lower at $3.65 3/4 while December 07 was 3/4 cents higher at $3.61 3/4.



Soybean futures closed lower on Monday. The market gapped down on the open and traded lower in choppy trade the rest of the day. Speculative selling and fund liquidation weighed on prices with the January contract falling to a 6-week low. January ended 9 1/2 cents lower at $6.48. November was 8 1/2 cents lower at $7.06 1/4.



Wheat futures were lower on Monday. The market was pressured by forecasts for the Plains to receive some much needed precipitation along with widespread selling across the commodities sector. Export demand remains sluggish and weekly export inspections were disappointing at 11.4 million bushels. CBOT Mar was down 6 3/4 cents at $4.87 1/2. KCBT Mar was 6 3/4 cents lower at $5.03 and MGE Mar fell 9 cents to close at $5.02.



Cattle futures were higher on the close Monday supported by fund buying. Forecasts for wintery weather in the Plains this week helped support the front end. Deferreds found support from ideas that the Cattle on Feed report will show November placement well below the year-ago number. December was 43 points higher at $86.83 while February climbed 98 points to close at $90.48. January feeder cattle gained 128 points to close at $100.00.



Lean hog futures closed mixed but mostly lower on Monday. The weak tone in the cash market continues to pressure futures. Futures trading activity is light and will probably stay that way until the December Hogs and Pigs report is released December 27. That report will probably show another modest increase in hog numbers. February fell 38 cents to close at $61.88. June hogs finished the day unchanged at $72.63.