Corn futures ended lower again on Monday. May futures traded to two month lows as the funds continue to unwind long positions. The setback was triggered mostly by improved moisture conditions around the Midwest. As a result, the market has relinquished much of its weather premium. May closed 3 1/4 cents lower at $2.18 1/4. December settled 2 3/4 cents lower at $2.50 1/2.



Soybean futures ended lower on Monday after early attempts at a technical bounce. The drop in the wheat and corn markets helped pull soybeans down as most fundamentals are bearish. Weekly export inspections of 16.9 million bushels were down 43% from the previous week. May settled 4 cents lower at $5.72 1/2 and November ended 4 cents lower at $6.01 1/4.



Wheat futures closed lower on Monday. Rain and snow in the Plains weighed heavily on futures. Kansas City and Minneapolis futures fell to the lowest level since mid February and Chicago dipped to the lowest level since the first of February. CBOT May was down 7 1/4 cents at $3.50 1/4. KCBT May was 7 3/4 cents lower at $4.13 3/4 and MGE May fell 6 1/2 cents at $3.99 3/4.



Cattle futures were higher on Monday. Heavy snow in the Plains cattle feeding region boosted futures amid ideas that the storm would slow weight gains. However, early gains were trimmed amid reports that transportation snarls will curtail the slaughter pace for a couple of days. April cattle were up 32 points at $83.35. June climbed 25 points to close at $78.12. March feeder cattle surged 115 points higher to close at $105.62.



Lean hog futures closed lower on Monday as cash prices continued to slide. Weakness in cash markets pressured futures but technical factors have also turned very negative. Speculative selling is also putting downward pressure on prices. April ended 10 cents lower at $59.00 and June was down 20 cents at $66.83.