Corn futures are called 2 to 3 cents lower. Overnight trade was 2 1/4 to 3 1/4 cents lower. The market is expected consolidate some of last week's gains this morning. Rainfall continues to fall in areas of the Midwest although parts of the western Corn Belt, Missouri, and Illinois are on the dry side. The market will be gearing up this week for the USDA Production report due out Friday morning.



Soybean futures are called 8 to 9 cents lower. Overnight trade was 8 1/4 to 9 cents lower. While some heat is expected this week, recent rain in much of the Midwest and more chances of precipitation should help crop conditions hold relatively stable. The markets focus will remain on weather and USDA's production number due out on Friday morning. Look for choppy trade ahead of that report.



Wheat futures are called mixed. Overnight CBOT trade was steady to 2 cents lower and KCBT was 1 1/2 cents lower to 5 cents higher. We look for the wheat market to continue last week's choppy trend. Support held at the KCBT last week and export demand has improved recently. Even so, the bull market is looking a little weary and may need some bullish news to move higher. Spillover weakness from corn and soybeans and spring wheat harvest will be limiting factors.



Cattle futures are called higher on the open. Improving cash fundamentals and bullish momentum are expected to support the market. Cash trade was firm last week at mostly $80-$81 and firm trade is expected again this week. Boxed beef prices were $1.18 to $1.80 higher on Friday. However, futures premium to cash could limit front end gains.



Lean hog futures are called steady to higher. While a few plants are taking the day off, we look for firm cash trade to start the week. Pork cutouts rallied strongly last week, trading $1.36 higher on Friday. Support is also expected to come from the October contract's big discount to cash.