Corn futures closed mixed on Monday. Profit-taking from recent gains weighed on futures much of the session. However, the slow pace of planting and positioning ahead of the Supply/Demand report due out on Tuesday morning left the market mixed at the close. Traders are looking for USDA to peg planting progress at 45%-50% complete in this afternoon's report, down from the 5-year average of 72%. July ended 1/4 of a cent higher at $4.21 1/4 and December was 1/2 of a cent higher at $4.40 1/4.



Soybean futures traded higher on Monday. The market was pressured by profit-taking much of the day. But prices turned higher into the close on ideas that USDA will be tightening carryout projections in the Tuesday morning Supply/Demand report. USDA will also be reporting planting progress this afternoon and traders are looking for it to be 15%-20% versus the 5-year average of 25%. July was 4 1/2 cents higher at $11.16 and November ended 3 1/2 cents higher at $9.83.



Wheat futures closed mixed on Monday. The market was pressured by sluggish export demand and large global wheat stocks. However, concern about the production problems in the southern Plains stemming from the early April freeze remains provided some support. USDA will update winter wheat condition ratings and spring wheat planting progress this afternoon. On Tuesday morning, USDA will update the Supply/Demand report. CBOT July ended 1/4 of a cent lower at $5.90 3/4, KCBT July closed 1 cent higher at $6.34 and MGE July fell 2 1/2 cents to $6.97 1/2.



Cattle futures settled higher on Monday. Talk of improved beef sales this week as wholesalers gear up for Memorial Day helped push prices higher. Cash cattle traded at mostly $84 last week, but the market is currently looking for steady to $1 higher trade this week. At midday, choice cutouts were up 27 cent and select cuts were 12 cents higher. June ended 30 cents higher at $83.28 and August was 30 cents higher at $83.90.



Lean hog futures were mostly lower on Monday. The premium of futures to cash and profit-taking on the recent recovery rally weighed lightly on the market. Losses were limited by firming cash markets and pork cutout values. Domestic pork demand seems to have been stimulated by lower pork prices and traders are expecting export bans following the H1N1 flu scare to be short-lived. June ended 43 cents lower at $67.78 and October ended unchanged at $65.73.