Corn futures are called 2 to 3 cents lower. Overnight trade at 6:30 am CDT was 2 1/4 to 2 1/2 cents lower. Corn condition ratings were lower in the Crop Progress report released on Monday afternoon. However, more favorable crop weather in the Midwest this week and outside markets are weighing on trade. Dow Jones futures and crude oil are lower overnight while the dollar is higher. Trade could be limited by positioning ahead of the USDA Acreage report due out Wednesday morning.

Soybean futures are called 1 to 3 cents lower. Overnight trade at 6:30 am CDT was 1 to 2 3/4 cents lower. New-crop futures rallied near the close on Monday on ideas that crop condition ratings would be lowered. Soybean condition ratings fell 2 points to 67% good to excellent. However, outside market pressure and improved Midwest crop weather this week is weighing on futures. Dow Jones futures and crude oil were solidly lower overnight while the dollar was higher. Pre-report positioning ahead of the Acreage report could influence trade today.

Wheat futures are called 4 to 6 cents lower. Overnight trade at 6:30 am CDT was 5 3/4 to 6 cents lower at the CBOT, 4 to 4 1/2 cents lower the KCBT and 5 to 5 1/2 cents lower at the MGE. Increasing winter wheat harvest activity and strength in the dollar overnight are weighing on futures. Winter wheat harvest as of Sunday was 38% complete, just 1 point below the five-year average. Spring wheat condition ratings remain very strong at 84% good to excellent. Abundant wheat stocks globally and sluggish export demand remain bearish factors.

Cattle futures are called steady to higher. Firm boxed beef prices on Monday and tighter showlists should support cash trade this week. Packer margins remain decent, although demand will be limited this week due to plant closures on Monday for the Fourth of July holiday. Expected weakness in the stock market and strength in the dollar will help limit gains.

Lean hog futures are called lower on the open. Follow-through selling from Monday and the decline in cash prices will weigh on futures. Outside markets are bearish with Dow Jones futures lower and the dollar higher. However, some short-covering is possible on front end contracts if cash prices can stabilize this morning.