Corn futures are called steady to 1 cent lower. Overnight trade was 1/4 of a cent to 1 1/4 cents lower. The inability of the stock market to hold onto gains Monday and weakness in crude oil prices overnight will weigh on corn futures. Exports have been a supportive factor recently, but weekly export inspections last week of 29 million bushels were bearish as they fell below the pace needed to reach USDA's export forecast.



Soybean futures are called 6 to 7 cents higher. Overnight trade was 5 1/2 to 7 cents higher. The soybean market was able to recover from early weakness in overnight trade that was driven by the collapse of the stock market late on Monday. But tight old-crop ending stocks and the need to bid for acreage this spring helped prices rebound. Strong export demand continues to drive some commercial buying. Weekly export inspections of 22.4 million bushels were well above the pace needed to reach USDA's recently revised higher export forecast.



Wheat futures are called 2 to 3 cents lower. Overnight CBOT trade was 3/4 to 2 3/4 cents lower and the KCBT was 3 to 5 1/4 cents lower. Weakness in the stock market late on Monday and strength in the dollar overnight will pressure prices lightly on the open. World wheat supplies remain large and U.S. export demand is sluggish. Weekly export inspections last week were below the pace needed to reach USDA's recently lowered export forecast. Losses will be limited by concern about the crop in the southern Plains where dry weather continues to hamper crop conditions.



Cattle futures are called steady to lower. The decline in the stock market late on Monday will limit buying interest while beef prices continue to struggle. Boxed beef prices were down 34 to 37 cents on Monday. Packers remain short-bought on cattle while supplies are tightening. However, poor margins and sluggish beef demand will limit strength in the cash market this week.



Lean hog futures are called steady to lower. The cash market continues to move lower. Packer margins remain poor, although they have improved recently. The drop in the stock market late on Monday and concern about export demand given the struggling global economy are bearish factors. Pork cutouts have shown some strength recently, but were down 4 cents on Monday.