Corn futures ended lower on Monday, but did trim losses late in the session. The weakness was driven mainly by a sell-off across a broad spectrum of commodities include energy and metal markets. Aside from that, traders were evening positions ahead of the USDA reports. December closed down 2 1/2 cents at $2.43 1/2. March settled 2 3/4 cents lower at $2.57 1/4.



Soybean futures were lower on Monday. Futures gapped lower on the open and trimmed losses into the close. The market hit contract lows in all contracts through July 2007 except November. Weakness in outside commodity markets such as gold and oil contributed to the weakness as trader prepared for the USDA reports due out Tuesday morning. November ended 3 1/2 cents lower at $5.44 1/2 and January fell 4 cents to $5.57 3/4.



Wheat futures were lower on the close Monday. The sluggish pace of exports weighed on the market. Export inspections fell to only 9.6 million bushels last week, down from 21.8 million the previous week and 16.3 million in the same week of last year. Some speculative long liquidation was attributed to disappointment that India bought no U.S. wheat in its latest buying tender. CBOT Dec fell 2 1/2 cents to close at $4.13. KCBT Dec was 2 1/4 cents lower at $4.78. MGE Dec was down 2 1/2 cents at $4.59 1/4.



Cattle futures closed lower on Monday. The market was under pressure throughout the trading session but trimmed losses at the close on a round of late short covering. Selling was attributed to ideas that packers may begin to cut the slaughter pace due to negative operating margins. October fell 45 points to $91.85. December was 42 points lower at $91.75. October feeder cattle fell 37 points to close at $117.85.



Lean hog futures struggled to a mostly higher close on Monday, after spending most of the day in negative territory. Cash prices were surprisingly strong, which helped to support futures. Hog supplies are increasing, as expected at this time of year, but demand is holding up better than expected. October ended 45 cents higher at $67. December was up 13 cents at $64.90.