Corn futures are called 2 to 3 cents lower. Overnight trade was 2 3/4 to 3 1/2 cents lower. Pressure from outside markets and soybeans are expected to weigh on corn futures. Overseas financial markets are weak and Dow Jones futures were down over 100 points overnight. In addition, crude oil was lower while the dollar index was higher in overnight trade. Losses should be limited by the recent improvement in export demand.

Soybean futures are called 17 to 18 cents lower. Overnight trade was 17 to 17 1/2 cents lower. The soybean market is expected to be pressured by weakness in outside markets and forecasts for fairly widespread rainfall in Argentina later this week. Expected weakness in the stock market and lower crude oil futures will likely keep the recent bearish momentum going. Losses could be limited by the weekly export inspections report, which is expected to show another week of strong shipments.

Wheat futures are called 6 to 7 cents lower. Overnight CBOT trade was 6 1/2 to 7 1/2 cents lower and the KCBT was 5 3/4 to 6 3/4 cents lower. Spillover selling from soybeans and corn along with the jump in the value of the dollar overnight will pressure prices. U.S. wheat is having a hard time staying competitive on the world market given the large stocks of wheat globally while the dollar trends higher.

Cattle futures are called lower on the open. Further weakness in financial markets and recent declines in beef prices will pressure wheat futures. Choice beef prices moved slightly higher on Monday, but remain at the lowest level in 4 1/2 years. Cash trade last week was steady at best and poor packer margins could limit cash business again this week. Losses in futures should be limited by tightening fed cattle supplies.

Lean hog futures are called steady to mixed. The cash market is called steady as pork cutouts did improve some on Monday. Packer margins remain poor, but tightening hog supplies and will help support the cash market. The recent bounce in futures has pulled futures off of contract lows and could encourage some technical buying.