Corn futures were mixed on Monday. Reports suggest traders were unwinding bull spreads helping pressure nearby contracts relative to deferred contracts. Traders will continue to watch weather forecasts for implications on planting and acreage this spring. May closed 1 1/2 cents lower at $3.98 while new-crop December was up 3 cents at $4.06.



Soybean futures ended higher on Monday. Firmer crude oil markets and technical buying supported prices despite weakness in old-crop corn contracts. New-crop soybean futures remain the leader on ideas of a sharp cut in soybean acreage this spring. May settled 6 cents higher at $7.59 1/2 and November was 9 1/2 cents higher at $8.03.



Wheat futures ended lower on Monday. Downward pressure was renewed today, with futures dipping below last week's low. Disappointing export inspections and forecasts for rain in the Plains were negative market factors. Export inspections fell to only 13.5 million bushels, down from 20.3 million bushels last week. CBOT May was down 5 3/4 cents at $4.55. KCBT May was 7 1/2 cents lower at $4.79 while MGE May fell 5 1/2 cents to close at $4.98.



Cattle futures closed higher on Monday. The market managed a modest recovery rally today. A rebound in the stock market contributed to the more positive market tone. Futures had become discounted to the cash market on the break last week, attracting some bargain hunting amid ideas that futures had become oversold. April gained 70 points to close at $97.80. June was up 57 points at $94.85. April feeder cattle climbed 47 points to close at $106.52.



Lean hog futures closed narrowly mixed on Monday. Cash prices were generally steady to weak and provided little support for futures. Spreading was a main feature along with the rolling out of the April contract. The April and May contracts closed down while most other months closed with modest gains. April ended 3 cents lower at $64.38 and June was 5 cents higher at $74.63.