Lean hog futures were strongly lower on Monday. Futures were pressured by weakness in the cash market and concern that that earthquake and nuclear plant problems in Japan will hurt the demand for U.S. pork. Japan was the top importer of U.S. pork in 2010. Cash hogs were steady to lower today as packer demand is soft despite favorable packer margins. April was $2.20 lower at $85.95 and June closed $1.95 lower at $97.55.
Corn futures traded higher on Monday. Futures were able to bounce off of early session lows to close with small gains. The market was lower overnight and on the open on concern that the natural disaster in Japan will hurt demand for U.S. corn. But after the recent sell-off, futures were supported by short-covering and bottom-picking. Outside markets were mixed as weakness in the stock market and crude oil was bearish while weakness in the dollar was supportive for commodities. May closed 1 3/4 cents higher at $6.66 and December ended 1/4 of a cent higher at $5.78.
Soybean futures closed higher on Monday. The market was able to rebound from recent losses. The earthquake and turmoil in Japan pressured prices overnight and on the opening, but short-covering and bargain hunting helped push prices higher. However, gains were limited by increasing harvest progress in South America and ideas of large crops in Argentina and Brazil. May ended 5 1/2 cents higher at $13.40 and November was 8 cents higher at $13.08.