Corn futures closed solidly higher on Monday. Spillover support from wheat and increasing concerns about planting delays supported futures. The market was pressured early by sharp losses in crude oil and the stock market while the dollar index was strongly higher. However, fund buying was triggered by weather forecasts calling for several chances of rain in the Midwest over the next two weeks. May closed 9 3/4 cents higher at $7.51 3/4 and December was 12 1/4 cents higher at $6.68 1/4.


Soybean futures traded higher on Monday. Spillover strength from wheat and corn helped trigger a short-covering rally in soybeans. The market was able to rally despite outside market weakness. The stock market and crude oil are down sharply today while the dollar index was strongly higher. Traders are adding some weather premium back into the market despite ideas that corn planting delays could lead to increased soybean acreage. May closed 12 1/2 cents higher at $13.44 1/4 and November was 9 1/2 cents higher at $13.49 1/4.


Wheat futures closed sharply higher on Monday. Despite outside market weakness in the form of a sharply higher dollar, wheat futures rallied. Support came from continued dry weather in the southern Plains and some possible freeze damage to the HRW crop this past weekend due to freezing temperatures in the southern Plains. USDA will update crop conditions this afternoon and lower ratings are expected. Dry conditions in parts of China, France and Germany are also threatening world wheat production prospects. CBOT May ended 30 3/4 cents higher at $7.75, KCBT May was 30 1/2 cents higher at $8.96 and MGE May closed 25 cents higher at $9.14.


Cattle futures closed higher on Monday. The market was pressured much of the day by world economic concerns, the sharp decline in the stock market and strength in the dollar. Cash markets were $3-$4 lower last week and beef prices have been moving lower. But futures were able to rebound into the close on spillover support from the rally in grain markets. April closed 78 cents higher at $118.18 and June was 50 cents higher at $115.80.


Lean hog futures traded mixed on Monday. The rally in grain markets helped turn front end futures higher into to the close. Strength in pork cutouts values and ideas that cash prices will strengthen this week were supportive. Market ready hog supplies are projected to continue to tighten. Futures were pressured much of the day by weakness in the stock market and strength in the dollar. June is 8 cents higher at $101.15 while July is 33 cents lower at $100.80.