Corn futures settled lower on Monday. After opening strongly higher, gains faded as the day wore on and deferred contracts led prices lower into the close. There was little new in the market to move price decisively in either direction, but the speculative and technical selling that began following last week's crop report continued. December closed 3/4 cents lower at $3.42 1/2. March futures settled 1 cent lower at $3.58 1/2.



Soybean futures closed lower on Monday. After trading higher early in the session on spillover support from corn and commercial buying, futures turned lower in light volume trade. Gulf basis levels were weak today on the lack of export demand and some country movement. November ended 4 3/4 cents lower at $6.46 1/2 and January fell 5 cents to $6.57 1/2.



Wheat futures ended mostly lower on Monday. The market found early support from a higher opening in corn and forecasts for a relatively dry weather pattern in the Plains through Thanksgiving. However, disappointing weekly export inspections of only 10.5 million bushels and long liquidation pushed most contracts lower. CBOT Dec fell 3 1/2 cents at $4.77. KCBT Dec was 1/4 cent lower at $5.08 1/2. MGE Dec was 3 1/4 cents lower at $4.94.



Cattle futures were slightly higher on Monday. Early strength in the corn market weighed on cattle but as the corn rally fizzled, cattle futures rebounded to finish mostly higher. Even on the morning selloff, cattle futures held solidly above last week's lows suggesting that a near term bottom is now in place. December was up 5 points at $85.75. February was 10 points higher at $88.85. November feeder cattle fell 100 points to close at $97.80.



Lean hog futures closed sharply lower again on Monday as lower cash prices coupled with profit taking pressured the market. Cash hog bids were generally $1 and $2.50 lower. Several buyers say they have their needs covered through Thursday, which suggests prices may continue to decline over the next few days. December ended $1.75 lower at $61.23 and February fell $1.75 to $65.00.