Corn futures were 2 1/4 to 3 3/4 cents lower on Monday pressured by weekend rainfall in South America. A setback in the soybean market and an increase in the value of the U.S. dollar weighed on the market. The May corn futures contract closed 3 3/4 cents lower at $2.21.



Soybean futures were a few cents lower Monday following weekend rainfall in the dry areas of southern Brazil. Even though it is too late to reverse the heavy crop losses, the rains sparked speculative long liquidation following the recent steep run up in futures. May soybeans were 6 1/2 cents lower at $6.56.



Wheat futures were 3 to 7 cents lower Monday as weak export inspections contributed to profit taking. Forecasts for heavy, wet snow in the southern Plains tonight and Tuesday contributed to the selling pressure. Chicago May wheat was 4 cents lower at $3.54. KCBT May fell 5 cents to close at $3.62. MGE May wheat was 6 3/4 cents lower at $3.66 1/4.



Cattle futures finished mixed Monday. The San Francisco Appeals Court has set a timetable for the National Meat Association's request for a hearing on the Canadian border issue. The court will probably make a decision on the appeal by the end of March. April futures closed unchanged at $89.10. June futures fell 27 points to close at $85.57.



Lean hog futures were sharply lower on Monday pressured a steep decline in cash hogs. April futures fell below chart support at the recent lows, dropping to the lowest level since December. April lean hogs were down 180 points at $70.57 while June hogs fell the 200 point limit to close at $78.75.