Corn futures ended slightly lower on Monday. The market tested both sides today as little fresh news available. Wheat provided early support, but weakness in soybeans helped pull prices the other direction. Weekly export inspections of 42.4 million bushels were slightly below trade expectations. September ended 1/2 of a cent lower at $2.24 1/2 and December was 3/4 of a cent lower at $2.41.



Soybean futures closed lower again on Monday. Favorable weather during the pod setting and filling stages are leading to ideas of increased production this fall. Technically, the market is weak with the November contract hitting new lows for the move after posting 1 1/2 year lows on Friday. September ended 5 1/4 cents lower at $5.37 3/4 and November closed 5 cents lower at $5.52.



Wheat futures were higher on the close Monday. A report Friday afternoon that Argentine wheat acreage has been curtailed by dry weather contributed to the gains. Short-covering gains led the way at the CBOT following the Commitment of Traders report showing speculators short position. CBOT Sep was 6 1/4 cents higher at $3.84 3/4. KCBT Sep was 2 3/4 cents higher to close at $4.62. MGE September was 4 cents higher at $4.49.



Cattle futures were higher on Monday. The stronger than expected cash trade Friday afternoon was supportive. Cash cattle jumped $2 to $2.50, exceeding expectations by at least a dollar. Despite the surprising cash market strength, October futures stalled at light chart resistance at $92.75. October ended 32 points higher at $92.50 while December was 52 points higher at $92.27. October feeder cattle were 35 points higher at $117.62.



Lean hog futures closed higher on Monday even as cash prices showed significant weakness. The strength in futures prices was attributed to short covering and the fact that the settlement index is still well above the October contract price. October closed up 38 cents at $65.40 and December was 73 cents higher at $62.75.