Corn futures are called 7 to 8 cents lower. Overnight trade at 6:45 am CT was 7 1/4 to 8 1/2 cents lower. Outside markets are weighing on futures trade. Continued concern about the European debt crisis is supporting the dollar index while the U.S. budget fight in the U.S. is expected to pressure the stock market. Fundamentals are generally bullish, but technical weakness and outside market are expected to pressure futures in light volume trade ahead of Thanksgiving.

Soybean futures are called 10 cents lower on the open. Overnight trade at 6:45 am CT was 9 3/4 to 10 1/2 cents lower. The market is being pressured by outside market weakness and more fund long liquidation. The European debt crisis is supporting the dollar index while the stock market is also being pressured by the U.S. budget fight. Futures are expected to trade lower despite the recent increase in export activity as China has been in the market for U.S. soybeans.

Wheat futures are called 5 to 6 cents lower. Overnight trade at 6:45 am CT was 5 1/2 to 6 cents lower at the CBOT and 5 1/2 to 6 1/2 cents lower at the MGE. Spillover pressure from corn and soybeans and strength in the dollar index are weighing no wheat futures. Export demand remains sluggish and a bearish weekly export inspections report is expected this morning. Technically oversold conditions could limit losses at the CBOT and help turn prices higher. Trade volume is expected to slow this week ahead of Thanksgiving.
Cattle futures are called steady to mixed. The Cattle on Feed report released on Friday afternoon is being viewed as neutral for prices as most of the estimates came in near trade expectations. Placements in October were 99.4% of a year ago while marketings were 102.9%. The marketings figure came in on the high side of expectations which is a little positive as it indicates that feedlots are current.
Lean hog futures are called steady to higher. Pork cutouts were up $1.75 on Friday, which could help support the cash market. However, gains in future will likely be limited by steady to lower cash markets. Most packers have needs covered for the holiday shortened week and demand for hogs is expected to be light while hog numbers remain ample.
Cotton futures are trading lower again on Monday morning. Concern about the European debt crisis and weakness in Dow Jones futures are weighing on trade. At 6:45 am CT, December futures were 21 points lower.