Corn futures settled slightly higher on Monday. Positioning ahead of the Supply/Demand report due out on Tuesday limited gains, but futures moved higher on some fresh export demand with South Korea that reinforced ideas of improved demand following three strong weekly export sales reports. Gains were limited by midday forecasts calling for improved rainfall in Argentina. March ended 1/4 of a cent higher at $3.77 1/2 and May was 1/2 of a cent higher at $3.88.



Soybean futures closed mixed on Monday. Futures opened strongly higher, turned lower at midday only to close mixed. Initial gains were attributed to dry weather concerns for Argentina, but midday forecasts showed better chances of rain there. Traders were also positioning ahead of tomorrow's Supply/Demand report, which is expected to show reduced U.S. ending stocks. March ended 1 cent higher at $10.02 and May was 1 1/2 cents higher at $10.07 1/2.



Wheat futures ended higher on Monday. Short-covering pushed prices higher amid ideas that weakness in the dollar will help export demand for U.S. wheat. Weekly export inspections were reported this morning at 19 million bushels compared to trade estimates ranging from 13-15 million. Rain has been reported in the southern Plains, but current amounts will only offer temporary relief from the drought. CBOT March closed 8 cents higher at $5.65, KCBT March was 6 1/2 cents higher at $5.93 and MGE March finished 3 1/2 cents higher at $6.58 1/4.



Cattle futures closed strongly higher on Monday. The market opened higher on support from firm cash trade late last Friday and gains held throughout the session. Tightening cattle supplies and ideas that boxed beef prices may be bottoming led to some optimism for further gains in the cash market. Beef prices slipped to the lowest level since 2005 last week, but were up slightly at midday. April ended $1.05 higher at $87.75 and June was 85 cents higher at $84.93.



Lean hog futures ended mixed on Monday with nearby contracts generally down and higher prices for deferreds. Ongoing weakness in the cash market contributed to the downward pressure on nearby contracts. Short-covering from technically oversold conditions helped push deferred contracts higher. April closed 32 cents lower at $60.08. June finished up 10 cents at $73.05.