Lean hog futures closed sharply lo were on Monday. Front end contracts were near limit or limit lower today. Spillover weakness from cattle, outside market pressure and lower cash bids weighed on futures. Strength in the dollar is a bearish factor for pork exports. Packer margins are negative and pork cutouts were down $1.09 on Friday. Market ready hog supplies have tightened seasonally, but packers have been able to fill needs with lower bids. June ended $2.73 lower at $89.25 and August was $3.00 lower at $90.50.
Corn futures were mostly higher on Monday. The July contract was pressured by strength in the dollar, weakness in crude oil and the unwinding of bull spreads. Deferred contract were higher on ideas of further planting delays. USDA will update planting progress in the Crop Progress report this afternoon. More rainfall in the eastern Corn Belt and northern Plains are expected to continue to delay corn planting in those regions. July closed 5 1/2 cents lower at $7.54 while December was 4 cents higher at $6.70 1/2.
Soybean futures traded mixed on Monday. Front end contracts were pressured by weakness in outside markets. Strength in the dollar and weakness in crude oil and the stock market were bearish factors. New-crop was narrowly mixed ahead of the USDA Crop Progress report due out this afternoon. Soybean planting progress is expected to remain below average pace. Gains were limited by talk that corn planting delays in the eastern Corn Belt and northern Plains could lead to increased soybean acreage. July closed 6 1/2 cents lower at $13.73 3/4 while November was 1/4 of a cent higher at $13.50 3/4.