Corn futures are called steady to mixed. Overnight trade was 1/4 cent lower to 1/2 higher. The market held support yesterday at contract lows set last week. We could see some more consolidation before prices move lower again. Strong demand will provide underlying support. However, large corn stocks and ideas that yields have improved from August 1 estimates will continue to be a weight on the market.



Soybean futures are called steady to 1 cent higher. Overnight trade was steady to 1/2 cent higher. USDA raised the good and excellent ratings by 1 percentage point each on Monday afternoon, which was expected by the market. Technically oversold conditions will encourage some light buying interest. However, the trend is expected to be lower as favorable August weather benefits yields.



Wheat futures are called mixed. Overnight CBOT trade was 3/4 cent lower to 1/2 higher and the KCBT was 1/2 lower to 1/4 cent higher. The market is still struggling to regain its footing following recent losses. Even though the supply/demand fundamentals are supportive, the long-running bull market continues to show signs of fatigue. Recent rain in the Plains and lackluster export sales are negative market factors.



Cattle futures are called steady to mixed. Cash markets are called firm again this week due to smaller showlists and aggressive slaughter schedules. However, there is concern that the struggling boxed beef prices could slow packer's appetite and limit bids. Boxed beef prices were 83 to 94 cents lower on Monday.



Lean hog futures are called higher on the open. Bullish momentum and strength in the cash market continue to fuel futures. However, declining packer margins and technically overbought conditions could lead to some profit-taking in the near-term following the recent strong rally that has been pushing contracts to new highs.