Corn futures were mostly higher on Monday, with the nearby contracts closing up 2-3 cents. The market traded mixed today as futures finally settled into some consolidation trade after racing higher last week. If not for the late rally in wheat, corn futures would probably have closed lower. December closed 2 1/4 cents higher at $3.16 3/4. March ended 2 1/2 cents higher at $3.26 1/2.



Soybean futures closed lower on Monday. A light round of profit-taking weighed on the market after trading to the highest level in three months on Friday. Abundant soybean stocks, ideas of a large crop, and harvest were also negative factors. November futures settled 2 1/2 cents lower at $5.89 and January was 2 cents lower at $6.03 1/2.



Wheat futures ended higher on Monday. After some profit-taking losses earlier in the day, the market rode a late flurry of stop loss buy orders to close higher. The closing rally leaves both Kansas City and Chicago December futures just a few cents below chart resistance at last week's contract highs of $5.50 at both markets. CBOT Dec was 17 cents higher at $5.42 1/2. KCBT Dec was up 3 cents at $5.46. MGE Dec was 6 3/4 cents higher at $5.28 1/2.



Cattle futures closed mostly lower on Monday. After spending most of the session higher, the market turned lower in late trading. Concerns that packers will trim slaughter schedules offset support from higher boxed beef cutout values. The December contract was down 50 points at $87.42. February was down 25 points at $90.05. October feeder cattle were up 70 points at $107.85.



Lean hog futures closed mixed on Monday after posting solid gains early in the session. Futures were up for most of the day based on strength in cash markets. However, late concerns that cash prices won't hold up pressured prices at the end of the session. The December contract closed down 25 cents at $60.80. February was 8 cents lower at $63.20. Most other 2007 contracts posted modest gains.