LEAN HOGS on the CME closed down on Monday. The APR’09LH contract closed at $62.750/cwt; down $0.450/cwt. The JUNE’09LH contract lost $0.150/cwt to $74.075/cwt. The market couldn’t make up its mind which side it wanted to trade until late in the day when prices went south. USDA on Friday put the Pork Cutout at $59.55/cwt, up $0.85/cwt. The latest CME Lean Hog Index was lowered $0.18/cwt to $61.21/cwt.

CORN futures on the Chicago Board of Trade (CBOT) closed up on Monday. MAY’09 corn futures closed at $3.915/bu; up 3.0 ¢ /bu. The JULY’09 contract closed at $4.0175/bu; up 3.5 ¢ /bu. DEC’09 corn futures finished at $4.215/bu; up 3.25 ¢ /bu. Acreage battles, spillover from other markets, and a weaker U.S. dollar that helped exports were supportive. USDA placed corn-inspected-for-export at 29 mi bu vs. estimates for between 37-41 mi bu. Cash corn bids in the US Midwest were steady from merchandisers and stronger from processors. Funds decreased net bear positions buying over 8,000 contracts. It might be a good idea to get the ’08 crop out of the way, clean the bin out for the ’09 crop, and price up to 45 per cent of the 2009 crop if you haven’t done so already.

SOYBEAN futures on the Chicago Board of Trade (CBOT) were up on Monday. MAY’09 soybean futures closed at $9.110/bu; up 34.5 ¢ /bu. The JULY’09 contract was up 32.25 ¢ /bu at $9.075/bu. The NOV’09 contract closed at $8.504/bu; up 26.75 ¢ /bu. Technical moves such as soy/corn spreading were supportive indicating a positioning of the market ahead of a looming “crop-acres” battle. Exports were better than expected with USDA placing soybeans-inspected-for-export at 27.2 mi bu vs. expectations for between 23-26 mi bu. Cash soybeans were mostly steady as funds decreased net bear positions buying as much as 5,000 lots. It is a good idea to sell all old crop soybeans and get up to 25 per cent of the ’09 crop priced now.

WHEAT futures in Chicago (CBOT) closed up on Monday. The MAY’09 contract closed at $5.442/bu; up 26.0 ¢ /bu. JULY’09 wheat futures finished up 26.0 ¢ /bu at $5.556/bu. Strong technical signs, short covering, stiff outside markets, dry weather in the US Plains, and a weaker U.S. dollar were supportive. USDA placed wheat-inspected-for-export at 12.6 mi bu vs. expectations for between 13-17 mi bu. Funds bought up to 4,000 contracts signaling an end to past levels of short positions. It is a very good idea to get up to 25 per cent of the 2009 crop sold at this time.