Corn futures are called 4 to 7 cents lower. Overnight trade at 6:45 am CT was 3 3/4 to 7 1/2 cents lower. The market rallied to a new high for the move in the nearby contract overnight before turning lower. The lack of follow-through and some light outside market pressure pushed futures lower. Crude oil futures were lower while the dollar index was near steady. The market has been supported by recent export demand from China and hopes for more. However, recent gains have made the market vulnerable to some profit-taking weakness.

Soybean futures are called 4 to 8 cents lower. Overnight trade at 6:45 am CT was 3 3/4 to 8 1/4 cents lower. Losses are being attributed by profit-taking from technically overbought levels. The market had rallied to a new-high for the move and the highest level in six months in the May contract overnight. Some pressure is coming from weakness in crude oil futures as well. Losses are expected to be limited by continued strong export demand for U.S. soybeans.

Wheat futures are called 4 to 7 cents lower in winter wheat markets. Overnight trade at 6:45 am CT was 7 1/2 cents lower at the CBOT and 4 1/4 cents lower at the KCBT. After trading higher initially overnight, buying interest dried up and futures turned lower along with the corn and soybean markets. Recent warm weather has allowed for good growth in the winter wheat crops. However, the advanced growth for this time of year will make the crop vulnerable to frost damage, so weather forecasts will be watched closely.

Cattle futures are called steady to mixed. Boxed beef prices were lower last week and packers’ margins are poor. However, there is optimism that seasonal beef demand will soon be improving. Choppy trade is likely to start the week as cash market fundamentals are watched for direction.

Lean hog futures are called steady to mixed. Cash markets are expected to be steady to lower. Packer margins are poor and pork prices have not rallied as normal seasonally as demand has been soft. However, choppy futures trade is expected on slime light short-covering and optimism that demand will soon be improving seasonally.

Cotton futures are trading higher this morning. Short-covering and technical buying following recent losses are supporting futures trade this morning. At 6:35 am CT May cotton is 92 points higher and December is 72 points higher.