Corn futures began the new year of trading closing lower. The market tested support levels at contract lows. Spillover pressure from soybeans and expectations for increased cash movement pressured the market. March settled 3 cents lower at $2.01 3/4.



Soybean futures ended moderately lower today in a correction from last Thursday's firm close. Commodity funds were heavy sellers backed by expected increases in cash movement and some needed rain in Brazil. March ended 11 3/4 cents lower at $5.35 3/4.



Wheat futures were several cents lower today. Commodity funds returned to the short side amid ideas that mounting pressure from the record world wheat crop will slow U.S. wheat exports dramatically in 2005. CBOT Mar was down 5 1/4 cents at $3.02 1/4. KCBT Mar fell 7 1/2 cents to close at $3.30 1/2 and MGE Mar was 6 cents lower at $3.40.



Cattle futures were higher Monday boosted by news that Canada had confirmed another case of BSE, which raises some doubts about USDA's proposal to resume imported live cattle from Canada. Forecasts for snow in the Plains cattle feeding region was also supportive. February futures closed 57 points higher at $88.40.



Lean hog futures started the year higher. Solid gains in cash hog prices were very supportive for futures. The announcement that U.S. imports of Canadian cattle will probably begin in March had almost no impact on either hog or cattle futures. February was 30 points higher at $76.70.