Corn futures traded higher on Monday. The market was supported by short-covering ahead of the release of the USDA reports on Wednesday morning. Gains in new-crop months were limited by generally favorable weather. Recent rainfall and forecasts for seasonal temperatures this week should help much of the crop mature while not being stressed. September ended 2 1/4 cents higher at $3.24 1/4 and December was 4 cents higher at $3.30 1/2.



Soybean futures closed strongly lower on Monday. Profit-taking following the gains last week and positioning ahead of the August Crop Production and Supply/Demand reports weighed on the market. New-crop was also pressured by generally favorable weather forecasts. Recent rainfall and more seasonal temperatures this week in the Midwest should benefit yield prospects. September was 23 cents lower at $10.67 1/2 and November ended 28 1/2 cents lower at $10.10.



Wheat futures were mixed on Monday. Positioning ahead of the USDA reports due out on Wednesday morning led to a choppy trading session. Weekly export inspections reported this morning were unspectacular at 14.4 million bushels, although that was in the middle of trade expectations. CBOT Sep closed 4 3/4 cents higher at $4.94 1/4, KCBT Sep was unchanged at $5.25 1/4 and MGE Sep ended 1 3/4 cents higher at $5.75.



Cattle futures traded lower on Monday. The premium of futures to cash on the first notice day for the August contract led to concern about deliveries. Further weakness in the cash market last week was also negative factor. Trade was mostly $81 on a live basis, down about $1 from the previous week. Losses were limited by the outlook for tightening fed cattle supplies and a small bounce in boxed beef prices at midday Monday. August ended 58 cents lower at $83.28 and October was 80 cents lower at $88.33.



Lean hog futures closed mixed on Monday. Futures traded higher most of the day, but weakness in the cash market pulled the nearby contract lower into the close. But most deferred contracts were higher for the day on short-covering from contract lows set last week and technically oversold levels. August ended 50 cents lower at $48.30 while October was 10 cents higher at $45.00.