Corn futures are called 2 to 3 cents lower. Overnight trade was 2 1/2 to 3 cents lower. Futures fell through technical support yesterday and closed at the lowest level in 3 1/2 months. Some rainfall in the driest areas of the Corn Belt, although light, will help earfill. USDA rated the crop 57% good to excellent, up 1% from last week.

Soybean futures are called 4 to 5 cents lower following overnight trade that ended that way. Recent weather and forecasts are expected to benefit most of the crop. Rainfall in some of driest areas of the northwestern Midwest and forecasts for more rainfall in the Midwest this week is bearish. Crop condition ratings were steady with last week at 53% good to excellent.

Wheat futures are called 2 to 3 cents lower. Overnight CBOT trade was 1 1/2 to 4 1/2 cents lower and the KCBT was 2 1/2 to 4 1/2 cents lower. Spillover weakness is again expected from corn and soybeans. Spring wheat condition ratings are struggling with only 32% good to excellent, although that was unchanged from the previous week. Harvest progress as of Sunday was 49% complete, up from 21% at this time last year and the 5-year average of 17%.

Cattle futures are called higher. Cash trade this week is currently expected to be firm as showlists are manageable and beef prices are improving. Boxed beef prices were $2.13 to $2.19 higher on Monday. The market is technically strong with most futures contracts at the highest level since early July.

Lean hog futures are called steady to higher. Positive cash fundamentals and bullish momentum are expected to support the market. Cash prices are expected to be firm this morning following the 98 cent jump in pork cutouts on Monday. Futures remain at a discount to cash. However, we could see some profit-taking at some point following the strong runup.