Lean hog futures were mostly lower on Monday. The June contract was supported by its discount to the cash index, but deferreds were lower on concern about sluggish pork demand, lower cattle futures and weakness in the stock market. Despite the $1.30 jump in pork cutouts on Friday, packer margins remain poor. Cash markets were mostly steady to $1 lower this morning.
Corn futures were solidly lower on Monday. Improved planting weather in the Midwest and northern Plains, strength in the dollar and weakness in crude oil pressured the market. Warmer and drier has allowed for the tail end of planting in much of the Corn Belt other than some areas of Indiana and Ohio. Forecasts call for favorable growing conditions next week. USDA will update planting progress and crop condition ratings this afternoon. July ended 22 cents lower at $7.32 and December was 19 1/4 cents lower at $6.67.
Soybean futures closed strongly lower on Monday. Ideas that significant planting progress has been made and forecasts for more favorable growing conditions next week weighed on futures. The market is expecting USDA to report planting progress at around 75% complete compared to 51% a week-ago. Mostly warm and dry weather is expected in the Midwest the first part of the week before cooler temperatures and some rain develop this weekend and next week. Losses in crude oil and strength in the dollar are also supportive factors. July ended 31 1/4 cents lower at $13.83 1/4 and November was 24 1/4 cents lower at $13.72 3/4.