Corn futures are called 9 to 10 cents lower. Overnight trade was 7 1/4 to 10 3/4 cents lower. Outside market pressure is expected to push corn futures lower this morning. Dow Jones futures, crude oil and gold were lower overnight while the dollar index was higher. USDA will issue updated crop condition ratings this afternoon. Warm temperatures are seen as beneficial for the crop at this point as much of the Corn Belt has ample soil moisture.



Soybean futures are called 11 to 13 cents lower. Overnight trade was 10 1/2 to 13 1/4 cents lower. Expected weakness in the stock market and lower crude oil and gold trade overnight coupled with strength in the dollar will pressure soybean prices. Old-crop stocks remain tight, but weekly export shipments to be reported this morning need to be 13.5 million bushels to stay on pace to reach USDA's export forecast. Last week, only 12.5 million bushels were shipped.



Wheat futures are called 6 to 8 cents lower. Overnight CBOT trade was 6 to 9 1/4 cents lower and the KCBT was 6 to 7 1/4 cents lower. Export demand is sluggish and with the strength in the dollar index overnight, U.S. supplies will become even less competitive on the world market. Warm and dry conditions in the southern Plains should help winter wheat harvest progress this week after running below normal so far this month. However, disease concern remains a bullish factor for the SRW wheat crop.



Cattle futures are called higher on the open. Cash cattle traded at mostly steady levels last week, with $82 reported in the South. The Cattle on Feed report released on Friday afternoon was slightly supportive as the number of Cattle on Feed was the lowest for June 1 in ten years and May placements were down 14% from last year, the smallest number since 1996.



Lean hog futures are called steady to higher. Expectations for steady to higher cash bids and the 80 cent gain in pork cutouts on Friday will be supportive. The market has bounced from technically oversold conditions, but fundamentals remain shaky. Gains may be limited by ideas that the Cold Storage report due out this afternoon will indicate slow demand for pork following the H1N1 virus outbreak.