Corn futures are called steady to 1 cent lower. Overnight trade was steady to 3/4 of a cent lower in most active contracts. The market is expected to continue in consolidation mode with little fresh news available. Prices haven't pulled back much from the highs, but the market has corrected overbought conditions.



Soybean futures are called 1 to 2 cents lower. Overnight trade was 1 1/2 to 2 1/4 cents lower. Underlying bearish fundamentals and the lack of support from corn are expected to weigh slightly on soybeans. Favorable weather has bumped South America production estimates higher, although some heat is in the forecast for Argentina this week. Rising crude oil prices have been supportive fir soybean oil and could help limit weakness in soybeans.



Wheat futures are called 1 to 2 cents lower. Overnight CBOT trade was 1 1/4 cents lower and the KCBT was 1/4 of a cent higher to 1 1/2 cents lower. The wheat market is expected to follow the trend in corn this morning and drift slightly lower. Cold weather is forecast for the Plains this week, but most of the crop will have enough snow cover to limit the threat of winterkill.



Cattle futures are called steady to lower on open. The premium of the February contract to cash and some profit-taking on last week's late rally is expected on the open. However, the Cattle on Feed report was neutral as the USDA numbers were in line with expectations. Cash trade last week was mostly steady in the South at $87 and generally $1 lower in the North.



Lean hog futures are called steady to higher. Cold weather across the mid section of the U.S. will likely slow marketings and should support cash prices early this week. Pork cutout values improved 58 cents on Friday. Bullish technical momentum is also expected to provide some strength.