Hog rally continues

Lean hog futures were higher on Monday. Spillover strength from cattle, the rally in the stock market and ideas that Japan will need to buy extra pork to rebuild food stocks pushed prices higher. Fears have eased over the situation in Japan as conditions at damaged nuclear plants have improved and lessened the fear of radiation leaks. April closed 8 cents higher at $88.40 and June was $1.15 higher at $100.98.

Corn futures closed higher on Monday after a choppy trading session. The market was higher on support from weakness in the dollar, firm crude oil prices, strength in the stock market and follow-through buying from the sharp rally on Friday. The lack of confirmation on possible export sales to China pushed the market lower at times, but there are ideas that USDA's daily report of 116,000 tonnes of corn to an "unknown destination" is for China. May ended 3 cents higher at $6.86 1/2 and December was 11 cents higher at $6.09 1/2.

Soybean futures traded settled higher on Monday. Futures were lower much of the day, but strength in new-crop contracts helped pull old-crop slightly higher into the close. Strength in corn and ideas that soybean acreage will fall short of the level needed to rebuild stocks was supportive. USDA will release a new Prospective Plantings report on March 31. Strength in the stock market and crude oil prices along with weakness in the dollar index were supportive. Old-crop contracts were limited by the outlook for large crops in Brazil and Argentina. May closed 1/2 of a cent higher at $13.63 and November was 11 cents higher at $13.45.