Corn futures ended sharply lower on Monday. After trading with strong gains overnight and this morning, futures fell sharply. Profit-taking after the recent rally pushed prices lower. Export demand remains sluggish and weekly export inspections reported this morning at 22.4 million bushels fell below trade expectation of 25-30 million bushels. March closed 18 3/4 cents lower at $3.93 1/2 and July was 18 1/4 cents lower at $4.14 1/4.

Soybean futures closed lower on Monday. The market was strongly higher overnight and this morning, but futures turned lower into the close on a round of profit-taking from the recent rally. At the highs for the session, January futures were up $2 from the low posted on December 5. January ended 13 1/4 cents lower at $9.38 1/2 and March was 11 cents lower at $9.45 1/2.

Wheat futures settled lower on Monday. After trading to near 3-month highs, profit-taking pushed wheat along with corn and soybean futures lower. Weakness in the value of the dollar has been supportive as it appears that export demand is picking up. However, export inspections last week were disappointing at only 3.5 million bushels versus trade expectations of 8-12 million. CBOT March closed 7 1/4 cents lower at $5.92, KCBT March was 5 cents lower at $6.11 1/4 and MGE March 5 3/4 cents lower at $6.25 1/4.

Cattle futures settled higher on Monday on a round of short-covering following the steep decline on Friday. News that Mexico had suspended meat shipments from 30 U.S. packing plants pressured prices last week, but the bearish impact faded today on news that 21 plants were reinstated today. February ended 10 cents higher at $86.20 and April was 50 cents higher at $89.35.

Lean hog futures closed mostly higher on Monday in light holiday trading. The uptick in prices was in part a rebound from the big drop on Friday. The market was also supported by positioning ahead of the Hogs and Pigs report that will be released after the market closes on Tuesday. The report is expected to show producers have reduced the breeding hog inventory and cut back on sows farrowing. February ended 20 cents higher at $59.15 and April closed up 80 cents at $67.53.