Corn futures are called steady to 1 cent lower. Overnight trade was 1/4 to 3/4 of a cent lower. The market is looking for direction and is expected to hold in consolidation mode this morning. The market sits just below technical resistance after being unable to push through those levels in recent attempts.



Soybean futures are called steady to 1 cent lower. Overnight trade was 1/4 to 1/2 of a cent lower. The market rallied late in the session on Monday. Much of the fund led push was attributed to spillover from wheat. However, fundamentals remain bearish with growing bird flu problems, record U.S. ending stock estimates, and a large soybean crop in South America.



Wheat futures are called mixed. Overnight trade was 1 1/2 cents lower at 1 cent higher. We look for some consolidation trade this morning following yesterday's late session rally. Crop conditions remain poor in the southern Plains, but some forecasts point to better chances of rain later this week. Stiff competition on the world market is limiting demand for U.S. wheat.



Cattle futures are called mixed on the open. The market was mixed on Monday as short-covering provided light support despite the bearish Cattle on Feed report last Friday. Deep discounts in the spring and summer futures contracts had already factored in a bearish report. Traders are apparently waiting for cash market developments for further direction.



Lean hog futures are called steady to mixed. Packers have been able to push cash prices lower the past couple of days. Pork cutouts were 36 cents lower on Monday, but packer margins are positive. Slaughter is slowing seasonally, but packers may need to raise bids later this week to maintain slaughter schedules.