Corn futures are called steady to 1 cent higher. Overnight trade was 1/4 to 1/2 of a cent higher. After dipping to new contract lows yesterday, we look for a small technical bounce on the open. However, buying interest will be limited by strong planting progress and favorable weather in the Corn Belt this week.



Soybean futures are called mixed. Overnight trade was 3/4 of a cent lower to 2 1/2 higher in the nearby. Trading activity has been mixed the past couple of sessions and we would not be surprised to see that again this morning. Favorable planting conditions will be a bearish factor, but firm basis levels could be supportive for front-end contracts.



Wheat futures are called steady to mixed. Overnight trade was steady to 1/4 of a cent higher. Despite declining crop condition ratings, wheat futures fell yesterday. Buying interest will be limited as warmer weather and some rain in the southern Plains should help conditions improve this week. Technically, the market is weak after falling through support levels.



Cattle futures are called steady to lower. Boxed beef prices turned lower yesterday, dropping 40 to 88 cents. That and increasing supplies of market ready cattle could give packers the edge in cash negotiations. Some profit-taking from recent gains are also possible.



Lean hog futures are called higher on the open. Market ready supplies are tightening and cutouts finally popped higher with gains of $2.09 yesterday. Cash markets are expected to open firm thanks to the firm pork prices.