Corn futures closed higher on Monday. The market was supported by declining yield and production ideas and outside market strength. USDA will update crop condition ratings this afternoon and dry conditions in the central Corn Belt could further lower ratings. Strength in Dow Jones futures and crude oil and weakness in the dollar were also supportive factors. However, gains were limited by some profit-taking and technically overbought conditions. September ended 3 3/4 cents higher at $7.56 1/4 and December was 3 cents higher at $7.70.
Soybean futures traded solidly higher on Monday. Futures were supported by fund buying amid concerns about declining yield and production estimates. Dry weather in the central Midwest is trimming yield potential and could weigh on crop condition ratings this afternoon.