Soybean futures rally on Monday

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Corn futures traded mixed on Monday. Old-crop contracts traded higher on fund buying that was triggered by spillover support from soybeans. However, new-crop months were lower on ideas of increased corn acreage this spring, strength in the dollar index and weakness in crude oil prices. March closed 3 3/4 cents higher at $6.44 1/2 while December ended 1 cent lower at $5.57.

Soybean futures closed solidly higher on Monday. Futures closed higher for the sixth consecutive session and have reached five-month highs. Strong export demand and tightening U.S. soybean supplies helped support the market. The smaller soybean crop projections for South America are expected to push additional export demand to the U.S. Further gains are being limited by strength in the dollar index. March ended 14 3/4 cents higher at $12.93 3/4 and November was 10 1/2 cents higher at $12.81 1/4.

Wheat futures were able to rebound on Monday to trade higher. Short-covering and spillover support from corn and soybeans helped pull wheat futures higher. Gains were limited by strength in the dollar index and the bearish global supply/demand situation for wheat. The MGE rallied as well despite some recent crop friendly snowfall in the northern Plains that will aid soil moisture levels ahead of spring planting. CBOT March closed 4 3/4 cents higher at $6.45 3/4, KCBT March was 4 cents higher at $6.85 and MGE March ended 4 1/4 cents higher at $7.90 3/4.   

Cattle futures traded lower on Monday. Strength in the dollar index and profit-taking weighed on futures trade today. The market turned lower despite a neutral to friendly Cattle on Feed report last Friday. The report showed placements at 97.8% of a year ago, slightly below expectations. Marketings were higher than expected and February 1 cattle on feed totaled 102.1% of a year ago. Expectations were for cattle on feed to be slightly higher at 102.5%. April closed 88 cents lower at $128.63 and June was $1.05 lower at $126.70.

Lean hog futures closed lower on Monday. Futures were pressured by outside market weakness and negative packer processing margins. Cash trade was steady to higher today as some packers need hogs to fill slaughter needs, but gains in the cash market are expected to be limited until packer margins can improve. April ended $1.08 lower at $88.65 and June was $1.10 lower at $98.08.



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