Lean hog futures were sharply lower on Monday. After setting new contract highs three weeks ago, futures have been moving mostly lower. Pork prices were firm on Friday, but there is concern that prices will slip this week. Pork exports have been quite recently amid ideas that South Korean purchases of U.S. pork have slowed. April closed $2.08 lower at $86.40 and June was $1.58 lower at $99.48.
Corn futures closed mostly lower on Monday. Old-crop contract were pressured by fund selling and long liquidation. The market was supported early by strength in crude oil prices, but as crude oil futures gains were trimmed the corn market turned lower. New-crop months closed mixed with some support coming from the need to compete for acreage this spring. May closed 10 1/2 cents lower at $7.17 1/2 while December closed 1 cent higher at $6.10 1/2.
Soybean futures traded lower on Monday. The market was pressured by fund selling and profit-taking. Weekly export inspections were below trade expectation at 26.4 million bushels. South American harvest pressure is a bearish factor as large crops are forecast for Brazil and Argentina. New-crop losses were limited by the competition for acreage this spring. May closed 19 cents lower at $13.95 and November was 6 1/4 cents lower at $13.54 3/4.