Lean hog futures traded mostly higher on Monday. Strength in pork prices on Friday and reports of steady to firm cash trade today were supportive for the market. Seasonal improvement in domestic demand and strong export demand remain supportive factors. April closed 10 cents higher at $93.25 and June was 40 cents higher at $101.05.
Corn futures traded higher on Monday, with May posting a new all-time high. Projections for tight ending stocks and the need to ration demand pushed old-crop contracts higher. New-crop was pulled higher as forecasts call for cool and wet weather in the Midwest over the next few weeks, which could lead to some planting delays. May closed 8 cents higher at $7.76 and December was 4 1/4 cents higher at $6.57 1/4.
Soybean futures closed strongly lower on Monday. The market was pressured by profit-taking on recent gains and increasing competition for export sales from the newly harvest crop in South America. China has recently canceled some export sales with the U.S. and there is concern of additional cancelations as Chinese soybean processors margins have turned negative. May ended 23 3/4 cents lower at $13.68 1/2 and November was 15 3/4 cents lower at $13.80 1/4.