Corn futures closed mixed on Monday. The market was supported much of the day by weakness in the dollar and strength in equities and crude oil. But front end futures turned lower on spillover pressure from wheat, expectations for USDA to report planting progress at 80% or better this afternoon and positioning ahead of the Supply/Demand report due out Tuesday morning. July ended 1 3/4 cents lower at $3.63 while December was 1/2 of a cent higher at $3.86 1/2.
Soybean futures were slightly higher on Monday. Futures were supported by weakness in the dollar and strength in the stock market and crude oil. However, gains were limited by weakness in wheat, ideas that USDA will show planting progress near 35% complete in the Crop Progress report this afternoon and positioning ahead of the Supply/Demand report due out on Tuesday morning. July closed 1 cent higher at $9.61 and November was 1/2 of a cent higher at $9.34 3/4.
Wheat futures traded solidly lower on Monday. The market was pressured by bearish fundamentals. World wheat stocks remain abundant and export demand for U.S. wheat is sluggish. Cold weekend weather is not believed to have caused much damage to the winter wheat crop. Meanwhile favorable soil moisture should help keep condition ratings strong. Traders were also positioning ahead of the Supply/Demand report due out on Tuesday morning. CBOT July closed 17 3/4 cents lower at $4.92 3/4, KCBT July ended 13 cents lower at $5.08 and MGE July was 13 1/2 cents lower at $5.28.
Cattle futures closed higher on Monday. Firm cash trade and fund buying helped rally the market. Some light sales of fed cattle were reported from Kansas at $100, firm with last week. The sharp rally in the stock market and weakness in the dollar helped trigger the fund buying rally. June closed 80 cents higher at $96.70 and August was 88 cents higher at $95.08.
Lean hog futures settled mostly higher on Monday. The market was pressured most of the day by the weak tone in the cash market. Packer margins are poor as pork prices have slipped from recent 21 month highs. But most contracts turned higher amid strength in the financial markets. June closed 33 cents higher at $85.85 and July ended 13 cents higher at $86.15.