Old-crop contracts were pulled higher Monday by the surge in soybean futures. However, the new-crop market closed lower on the idea stocks will be rebuilt in 2012.
Soybeans: Soybean contracts extended the impressive short-term uptrend with several issues closing above $13 on continued support from both sides of the market.
Wheat: A near record-large net-short futures position could spark additional noncommercial short-covering activity this week.
Cotton: Cotton rallied modestly Monday, though the nearby March contract remains well below initial resistance at 97.35 cents on the continuous weekly close chart.
Live cattle: Follow-through selling from last week's lower settlement pressured cattle futures Monday despite Friday's bullish Cattle on Feed report.