Corn futures closed lower on Monday. Outside markets and spillover pressure from soybeans put the market on the defensive. Crude oil and the stock market traded lower today while the dollar index was higher. Crop weather has improved slightly in Argentina and forecasts call for additional rainfall this week. March ended 8 1/2 cents lower at $3.70 1/2 and May ended 8 1/2 cents lower at $3.81 3/4.

Soybean futures ended strongly lower on Monday, but losses were trimmed from earlier in the session. Forecasts call for rainfall in Argentina this week, which should help to improve crop conditions. The falling stock market and crude oil futures along with strength in the dollar were all bearish factors. March closed 20 1/2 cents lower at $9.59 1/2 and May was 21 cents lower at $9.65 3/4.

Wheat futures closed lower on Monday. Weak outside markets and sluggish export demand were bearish factors. The dollar index was higher today, which will make U.S. wheat less competitive on the world market. Export demand is already sluggish. Weekly export inspections were 12 million bushels last week, falling below pre-report trade expectations. CBOT March ended 4 1/4 cents lower at $5.63 3/4, KCBT March closed 6 cents lower at $5.95 and MGE March ended 5 1/2 cents lower at $6.46 1/2.

Cattle futures closed strongly higher on Monday. The market was supported by the Cattle Inventory report released Friday afternoon that pushed feeder cattle futures up the limit. The report showed the total U.S. herd down 1.6% from last year and the smallest number of cattle in 50 years. Strength also came from the rebound in boxed beef prices at midday, with choice cutouts up 95 cents. April closed $1.73 higher at $86.83 and June ended $1.90 higher at $84.35.

Lean hog futures ended strongly lower on Monday. Fund selling was triggered by weakness in cash hog prices, the decline in the stock market and other commodities and strength in the dollar that will make U.S. pork exports less competitive. April ended $1.30 lower at $61.68 and June was $1.63 lower at $73.88.