Corn futures are called 1 to 2 cents firmer amid short-covering. Corn futures started the overnight session under light followthrough pressure but improved in late trade amid short-covering. Spread unwinding with soybeans also supported corn late in overnight trade. The U.S. dollar index is lower this morning, erasing much of Friday's gains. Traders elieve a 136,000 MT corn sale announced to an unknown buyer last week by USDA was Brazil's first purchase of corn in nearly two decades. Last week funds were net buyers of 14,000 corn contracts (70 million bu.).              

Soybean futures are called 2 to 5 cents lower on light followthrough selling. Soybean futures were weaker for much of the overnight session on light followthrough from Friday's losses. Key this  morning is whether traders feel the rally from the March low is complete or if some value buying enters the market. No major technical chart damage has yet been done. This morning, July soybeans are flirting with support at $9.90. A weaker tone in the U.S. dollar index overnight limited selling in soybean futures. Last week funds were net buyers of 50,000 soybean contracts (250 million bu.).

SRW wheat is called mixed, with HRW and HRS wheat called 1 to 3 cents lower. SRW wheat benefited from late short-covering in corn futures. A weaker tone in the U.S. dollar index limited pressure on wheat futures overnight. But a lack of fresh news limited buying interest, as well, especially since there's more rain in the extended outlook. The National Weather Service forecast for April 30  through May 4 calls for above-normal precip across the SRW and HRW Wheat Belts. Last week funds were net buyers of 6,000 SRW wheat contracts (30 million bu.).

Cattle futures are called steady to firmer amid positive report data. Following last week's sharp losses, live and feeder cattle futures are called steady to firmer amid short-covering and a positive read  from the Cattle on Feed Report. The report showed On Feed at 101% of year-ago, which was in line with expectations. Placements at 105% were slightly lower than expected and Marketings at 107% of year-ago were slightly greater than expected. Additionally, the Cold Storage Report showed frozen beef stocks at 466.988 million lbs., around 24.4 million lbs. below expectations. Meanwhile, beef prices ended last week on a sour note, with Choice values down 41 cents and Select down $2.08. Movement, however, was a solid 158 loads.              

Lean hog futures are called mixed amid spreading. Buying in nearby lean hog futures will be limited by the premium they hold to the cash index, as well as Friday's bearish reversal in the May  contract. Friday's Cold Storage Report showed pork stocks at 614.148 million lbs., which were just slightly more than traders' expectations of 613.4 million pounds. But demand for cash supplies is expected to be strong to start the week amid profitable packer margins. Cash bids are called steady to firmer. Pork cutout values softened 77 cents on Friday amid light movement of 238.51 loads.

The cotton market lost its upward momentum last week, although the expiring May contract remained relatively firm. That probably reflects the fact that supplies of certificated stocks deliverable  against ICE futures are very tight. Deferred futures are trading more weakly, thereby seeming to reflect talk that Chinese officials will sell from their huge government-owned stockpile more aggressively and more cheaply than previously thought. May cotton bounced 0.65 cents to 63.73 cents/pound early Monday morning, while the July contract dipped 0.39 to 63.30.