Corn futures are called 3 to 5 cents lower. At 6:45 a.m. CDT December is trading 1 1/4 cents lower at $3.32 3/4 and March is 2 cents lower at $3.44 3/4. Corn in the Midwest looks to be clear of a frost threat over the next ten days, which is the main driver in the market right now. Production is looking to be good and if the weather holds off we could see a very large crop.

Soybean futures called 10 to 12 cents lower. At 6:45 a.m. CDT November is trading 10 cents lower at $9.16 and January is down 10 1/2 cents at $9.20 1/2. With no frost threat currently in the forecast, prices will be a bit weighed down. Also, estimates for a possible record large production in South America are bearish for U.S. markets. Slow harvest in the southeast due to rains should limit losses.

Wheat futures are called 3 to 5 cents higher. At 6:45 a.m. CDT CBOT December is 3 1/4 cents higher at $4.53, KCBT December is 3 1/2 cents higher at $4.72 3/4 and MGE December is 1/2 of a cent lower at $4.86 1/4. Short-covering following Friday's sharp losses should help the ailing wheat market. However, the announcement of the new U.S. regulatory plan to implement variable storage rates could lead to speculators exiting the market. Also bearish is the large world crop expected to come in on top of the currently high stocks.

Cattle futures are called steady to lower. Both the beef and cattle markets continue to struggle to find their typical seasonal strength. Cut-outs were down hard on Friday, with the choice falling $1.79 to $138.55 and select down $1.08 to $132.50. Tighter fed cattle supplies should provide underlying support.

Lean hog futures are called lower. Friday's quarterly hogs and pigs report came in as expected, showing that producers are cutting back, but not likely enough to turn prices higher. Market hog inventory was down 2.2% from a year ago and breeding hogs were down 3%. On the favorable side, the pork carcass value was up $1.12 on Friday to $54.75.

Cotton futures are trading slightly higher this morning. At 6:45 a.m. CDT December is 6 points higher at 62.00 cents, and December is up 6 points at 64.00 cents. Friday's sharp drop in prices has sparked some buying interest and nudged futures slightly higher. Rains drenched the Delta and the southeast this weekend, which will likely reduce the quality and cause boll rot in some fields.