Corn futures are called 20 to 25 cents lower. USDA surprised the market with a June 1 acreage estimate of 87.0 million, up 2 million from March planting intentions and 3 million above the average trade estimate. The acreage estimate implies that the crop will be the second largest on record despite ideas that planting delays would trim acreage from intentions. Quarterly stocks of 4.266 billion bushels were also above trade estimates which averaged 4.178 billion.



Soybean futures are called 5 to 10 cents lower for new-crop contracts. The bearish influence from corn is expected to weigh on soybeans, which had relatively neutral USDA reports. USDA's acreage estimate of 77.5 million was up 1.5 million from trade estimates but 600,000 below pre-report trade estimates. Quarterly stocks of 597 million bushels were slightly above the average pre-report trade estimate of 597 million. Old-crop futures could still open higher this morning.



Wheat futures are called 15 to 18 cents lower. Increased wheat acreage and the bearish influence from corn are expected to pressure prices. All wheat acres were pegged at 59.8 million, up 1.6 million from trade estimates. Of that, spring wheat acreage was estimated at 13.8 million, up 700,000 from the average trade estimate. Wheat ending stocks of 667 million bushels for the previous marketing year was near trade expectations and USDA's previous estimate.



Cattle futures are called steady to higher on follow-through buying from yesterday sharp gains. Fund buying helped push futures sharply higher yesterday, which will give feedlots optimism for higher bids this week. Boxed beef prices were higher on Monday with choice cutouts up 60 cents and select up 85 cents.



Lean hog futures are called steady to mixed. Front end contracts will be supported by spillover from cattle, the firm tone in the cash market and the 49 cent jump in pork cutouts on Monday. However, many deferred contracts fell to new lows on Monday following the Hogs and Pigs report that showed what is believed to be inadequate herd liquidation.