Corn futures are called 6 to 7 cents higher. Overnight trade was 6 1/4 to 7 cents higher in most actively traded months. Outside markets were mixed overnight, with Dow Jones futures lower while crude oil was higher. Commercial buying along with short-covering ahead of the Supply/Demand report due out on Wednesday should provide support. However, gains will be limited and prices could turn lower if the stock market continues to plunge today.



Soybean futures are called 5 to 7 cents higher. Overnight old-crop futures were 5 1/4 to 7 cents higher (new-crop Nov was up 11 cents). Strength in crude oil overnight will be supportive, although that will be countered by strength in the dollar and weakness in Dow Jones futures. Weekly export inspections will be released this morning and they have been running strong in recent weeks. Short-covering ahead of USDA's Supply/Demand report due out on Wednesday should also be supportive.



Wheat futures are called 3 to 5 cents higher. Overnight CBOT trade was 2 to 3 cents higher and the KCBT was 6 to 6 3/4 cents higher. Light spillover support is expected from corn and soybeans this morning. Dry conditions remain a bullish concern for the southern Plains HRW areas, although light precipitation is expected in some areas later this week. Gains will be limited by strength in the dollar and weakness in Dow Jones futures overnight. Weekly export inspections this morning could also be bearish. Last week, shipments of 8.7 million bushels were only about half of the pace needed to reach USDA's export forecast.



Cattle futures are called lower on the open. The market is expected to be pressured by weakness in Dow Jones futures overnight that indicates a lower open for the stock market following the decline in overseas financial markets. Cash trade last week was steady with the previous week at $81-$82, which was disappointing with early week ideas. However, tightening cattle supplies could help the cash market firm this week if beef prices can improve.



Lean hog futures are called lower this morning. Expected weakness in the stock market may raise further concerns about pork demand if the economy continues to tank. Packer margins remains poor and pork cutouts were down 9 cents on Friday. However, ideas of improved demand seasonally and tightening hog supplies should help limit losses as the cash market was able to work higher last week.