Corn futures were higher on Monday. The gains in corn were led by a late rally in the soybeans. Short covering appears to be the catalyst. Other news was quiet. May settled 1 3/4 cents higher at $2.05 3/4.



Soybean futures rallied late in the session to close higher today. The gains were attributed to short-covering. Initial weakness was follow-through selling from last week's sell-off. May closed 4 3/4 cents higher at $6.16 3/4.



Wheat futures posted a late rally to close slightly higher Monday. A strong late rally in corn and soybeans spilled over into wheat, triggering short covering amid ideas that the market was oversold. CBOT May was 3 1/2 cents higher at $3.13 1/2. KCBT May was up a penny at $3.20 1/2. MGE May wheat closed a 1/2 cent higher at $3.82 1/4.



Cattle futures slipped to a lower close Monday amid concerns that the cash market trend has turned lower. Even though futures are still discounted to the cash market, expectations for lower cash prices kept buyers on the defensive. April closed 25 points lower at $88.02. June futures fell 5 points to close at $83.67.



Lean hog futures ended higher on Monday. Firm cash trade helped pull prices higher after a lower open. Initial weakness was attributed to profit-taking from last week's gains. May ended 35 cents higher at $76.58 and June was 23 higher at $77.93.