Lean hog futures were solidly lower on Monday. Technical selling and profit-taking weighed on the market. The premium of futures to current cash prices and profit-taking at the end of the month were bearish factors. Cash trade was steady to slightly higher today. Packer margins are favorable, but most plants have needs covered for the first part of the week. April closed $1.40 lower at $88.80 and June was $1.25 lower at $100.20.
Corn futures turned higher on Monday. After a lower open, corn futures turned higher on short-covering from recent losses and bullish supply/demand fundamentals. Despite the projections for increased acreage, ending stocks are expected to remains tight. Strength in the stock market and weakness in the dollar also helped push prices higher. May closed 9 cents higher at $7.31 and December was 5 cents higher at $6.06 3/4.
Soybean futures closed lower on Monday. The market was pressured by fund long liquidation. Increasing harvest activity in Brazil and Argentina are bearish factors as production projections for South America have been increasing. There is still concern about the political unrest in the Middle East and how that could raise energy prices and slow the global economic recovery. Further losses were limited by strength in the stock market and weakness in the dollar index. May ended 10 1/4 cents lower at $13.64 3/4 and November was 4 3/4 cents lower at $13.24 3/4.