Corn futures are called 2 to 3 cents lower. Overnight trade was 1 1/4 to 3 3/4 cents lower. The market is expected to continue to consolidate recent gains this morning. Fundamentals remain supportive, but the market is easing off of technically overbought levels. The market is expected to establish a trading range at these higher levels over the near-term.



Soybean futures are called 6 to 7 cents lower. Overnight trade was 5 1/2 to 8 cents lower. Generally bearish fundamentals and the lack of support from corn are expected to weigh on futures. However, strong export demand and wet weather in Brazil that could promote more Asian rust problems should help limit losses.



Wheat futures are called 2 to 3 cents lower. Overnight CBOT trade was 1 to 2 3/4 lower and the KCBT was 1 3/4 to 4 1/2 cents lower. Without support from corn, the market is expected to open lower. More precipitation in the southern Plains that will benefit the hard red winter wheat crop and slow export demand so far this marketing year will be bearish fundamental factors.



Cattle futures are called steady to higher. We look for futures to bounce from the losses on Friday. Cash trade was $1-$2 lower last week at mostly $86-$87, but favorable packer margins and light volume trade last week should help the cash market be steady or even be higher this week. Snow in the southern Plains this weekend will further hamper feedlot operations and cattle weights.



Lean hog futures are called steady to mixed. Cash markets are expected to open the week steady to firm. Packer margins have declined, but remain positive. Marketings appear to be current as producers are unwilling to add extra weight to hogs given the high price of feed.