Corn futures are called 2 to 3 cents higher. Overnight trade was 2 to 3 3/4 cents higher. The smaller than currently anticipated private acreage numbers on Friday and strengthening global equity markets overnight will provide support. Forecasts for above normal precipitation across much of the Corn Belt over the next few weeks will be supportive as traders worry about possible planting delays.



Soybean futures are called 2 to 3 cents higher. Overnight trade was 2 3/4 cents higher in most active contracts. Expected spillover strength from corn and firm trade overnight in outside financial markets should provide some support this morning. However, fundamentals remain a little shaky for soybeans. Private acreage numbers put out on Friday were above what the market was talking and expanding harvest progress in Brazil will soon shift export demand away from the U.S.



Wheat futures are called 2 to 3 cents higher. Overnight CBOT trade was 2 1/4 to 4 cents higher and the KCBT was 1 1/4 to 2 cents higher. The rebound from recent weakness on Friday and expected spillover strength from corn should help wheat prices open higher. However, rally attempts will likely be limited by favorable winter wheat crop conditions and prospects for a record world wheat crop in 2007.



Cattle futures are called steady to lower on the open. Ideas that the market has topped sparked the recent sell-off with heavy speculative long liquidation noted on Friday. Boxed beef prices slipped the second half of last week and cash bids fell from earlier in the week as well. Losses should be limited by solid cash fundamentals given the tight supplies of market ready cattle and expectations for firm seasonal demand for beef.



Lean hog futures are called steady to lower. Spillover selling and the 48 cent drop in pork cutouts values on Friday are expected to weigh on futures this morning. However, cash markets are called steady as packers are expected to continue a large slaughter despite tightening packer margins.