Lean hog futures traded mixed on Monday. Front end contracts pulled higher into the close on strength in the cash market and firm pork cutout values. Cash hog markets were steady to $1.50 higher today after gaining $1.50 on average last Friday. Deferred contracts were mixed with some pressure from the Hogs and Pigs report released Friday afternoon. The report showed the hog herd at up 0.7% from year-ago while traders were expectations the number to be unchanged. April closed 13 cents higher at $92.60 while June was 45 cents lower at $103.25.
Corn futures were solidly lower on Monday. Disappointment over the lack of any confirmation of additional sales to China weighed on the futures market. New-crop futures were pulled lower despite concern about potential planting delays this spring. Midwest weather remains cool and wet and forecasts for the next week call for more cool temperatures and precipitation. Also, USDA will release the Prospective Plantings report this Thursday. May ended 18 1/2 cents lower at $6.71 and December was 12 1/2 cents lower at $5.97.
Soybean futures closed lower on Monday. The soybean market was pulled lower by losses in corn. Futures were higher much of the day on positioning ahead of the Prospective Plantings report and on more rainfall in northern Brazil which could cause flooding slow harvest activity. Traders are concern that soybean planting intentions will not be sufficient to help rebuild ending stocks much. May ended 9 3/4 cents lower at $13.48 1/2 and November was 8 1/4 cents lower at $13.42.