Corn futures are called 6 to 7 cents lower. Overnight trade was 6 1/2 to 6 3/4 cents lower. Outside market pressure will put corn futures on the defensive. The stock market is expected to open lower after posting strong gains late last week and crude oil was down overnight. Weather forecasts are mixed. Some drying is expected this week in the Delta and Midwest and warmer temperatures will be beneficial, but there are still chances of rain that could keep planting delay concerns alive.



Soybean futures are called 4 to 5 cents lower. Overnight trade was up strongly early, but faded late to close 3 3/4 to 4 3/4 cents lower. Fundamentals remain mostly bullish. Old-crop stocks are projected to be very tight and export demand remains strong. USDA will release weekly export inspections this morning. New-crop planting intentions were well below trade expectations. However, weakness in outside markets will help keep prices in check as Dow Jones futures and crude oil were both lower overnight.



Wheat futures are called 3 to 4 cents lower. Overnight CBOT trade was 3 3/4 to 4 1/2 cents lower and the KCBT was 1 1/2 to 3 1/2 cents lower. Spillover pressure from outside markets and corn and soybeans are expected to weigh on wheat futures. Weather forecasts call for rainfall in the Plains, which would benefit winter wheat in the southern Plains although those areas are expected to get the least rain. Meanwhile in the northern Plains, rain is bullish as it will slow spring fieldwork and spring wheat planting. Weekly export inspections are due out this morning and USDA will update winter wheat conditions ratings this afternoon.



Cattle futures are called higher on the open. Follow-through buying, firm cash trade last week and strengthening beef prices will be supportive. Technical charts are looking more positive following strength last week. Cash cattle traded at mostly $86 last week in the southern Plains, up $1 from the previous week. Boxed beef prices were higher on Friday, gaining $1.07 in Choice and 91 cents in Select cutouts, giving traders optimism of improving beef demand seasonally.



Lean hog futures are called steady to higher. Many hog packing plants are closed today following Easter. However, cash business should begin to improve as packers are short on supplies for slaughter schedules the rest of the week. Pork cutouts have been working higher recently and they were up 54 cents on Friday. Demand should begin to improve seasonally as we move further into spring and as Lent is now over.