Lean hog futures traded lower on Monday. Fund selling and spillover pressure from cattle weighed on futures. There is concern that high pork prices will limit expected seasonal improvement in demand. Futures were lowered despite mostly steady to higher cash bids. Tight supplies of market ready hogs are forcing most packers to raise bids early in the week. June closed $1.53 lower at $98.53 and July was $1.08 lower at $99.25.
Corn futures traded strongly higher on Monday. Fund buying was triggered by planting delay concerns and spillover support from Wheat. USDA will release a new Crop Progress report this afternoon and traders are looking for corn planting progress to be around 13% compared to the five-year average of 22% complete. Weather forecasts call for more wet weather in the southern and eastern Corn Belt this week. May closed 25 1/4 cents higher at $7.62 1/2 and December was 16 cents higher at $6.81 1/2.
Soybean futures closed mostly higher on Monday. Old-crop soybeans were supported by strong gains in corn and wheat. However, gains were limited by concern about slowing export demand as China cancels purchases and as global demand shifts to the newly harvested crop in South America. New-crop contracts were steady to mixed on ideas that corn planting delays could lead to increased soybean acreage this spring. May ended 9 cents higher at $13.89 1/2 and November was unchanged at $13.82 1/2.