Lean hog futures traded mixed on Monday. The rally in grain markets helped turn front end lean hog futures rebound 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.
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.