Corn futures are called 5 to 7 cents lower. Overnight trade was 5 1/4 to 7 cents lower. Outside market pressure and more limited than expected areas of rainfall in the eastern Midwest this weekend will weigh on corn futures. Forecasts still call for some rain in the eastern Midwest, but it will be followed by a period of drier weather. USDA will report crop progress and condition ratings this afternoon. The stock market is expected to open lower and crude oil futures were down nearly $2 overnight.



Soybean futures are called 8 to 10 cents lower in front end contracts. Overnight trade was 3 1/2 to 9 1/2 cents lower. The market is expected to open lower on outside market pressure and some better than expected planting conditions in the eastern Corn Belt over the extended holiday weekend. However, tight old-crop stocks, planting delays and strong export remain fundamentally supportive. Planting progress numbers this afternoon will be watched for direction.



Wheat futures are called 5 to 7 cents lower. Overnight CBOT trade was 1 to 7 1/4 cents lower and the KCBT was 4 1/4 to 5 1/4 cents lower. Strength in the dollar and spillover weakness from corn, soybeans and outside markets will pressure wheat trade. Weekly export inspections to be reported this morning are expected to be below the pace needed to reach USDA's export forecast. The market will be anticipating the Crop Progress report this afternoon, which will update winter wheat condition ratings and spring wheat planting progress.



Cattle futures are called steady to mixed. The Cattle on Feed report was mostly neutral. The number of cattle on feed on May 1 was right on trade expectations at 97% of year-ago. However, April placements were on the light side of expectations at 104% of last year, which will be slightly supportive for deferreds. April marketings at 93% of year-ago were slightly less than expected and are slightly bearish for front end contracts.



Lean hog futures are called steady to mixed. Cash trade has been declining, but should begin to stabilize soon. Pork cutouts were up 36 cents on Friday and hog supplies are expected to tighten seasonally over the next few weeks. Recent weakness in the dollar is supportive as pork exports should benefit, although the dollar was stronger in overnight trade.