Lean hog futures settled mostly higher on Monday. The nearby April contract was slightly lower following the $1.27 drop in pork cutouts on Friday and profit-taking. Losses were limited and deferreds were slightly higher amid strength in the cash market, strong export demand and seasonally tightening supplies of market ready hogs. April ended 3 cents lower at $94.20 while June was 28 cents higher at $103.85.
Corn futures traded strongly higher on Monday. The market continued to rally on the smaller-than-expected grain stocks estimate reported last week. The USDA Supply/Demand report due out on Friday is expected to show a very tight ending stocks estimate for the current marketing year. New-crop months were pulled higher, but gains were limited by the Prospective Plantings report showing a 4.5% increase in 2011 planting intentions compared to 2010. May closed 24 1/4 cents higher at $7.60 1/4 and December was 8 cents higher at $6.45 1/2.
Soybean futures closed lower on Monday. Concern about slowing export demand for old-crop soybeans weighed on old-crop contracts as rumors that China has cancelled some sales with the U.S. persist. Export demand is shifting to the newly harvest crop in South America. New-crop was pushed lower as well, but losses were limited by strength in corn and wheat prices as the crops remain in competition for acreage this spring. May ended 9 3/4 cents lower at $13.84 and November was 1/4 of a cent lower at $13.89.