Corn futures are called steady to 1 cent lower. Overnight trade was 1/2 to 3/4 of a cent lower. The sharp losses in wheat and recent rainfall in the Corn Belt weighed on prices yesterday. We look for prices to open lower again today on follow-through selling. However, weakness should be limited by strong export sales and shipments in recent weeks.



Soybean futures are called 2 to 3 cents lower. Overnight trade was 2 to 2 3/4 cents lower. Fundamentals remain bearish and speculative selling is expected to continue this morning. Rain in the Midwest has helped recharge soil moisture levels ahead of planting and old-crop stocks are forecast to be record large.



Wheat futures are called 2 to 4 cents lower. Overnight trade was 2 to 4 1/2 cents lower. We look for futures to open lower on follow-through selling from yesterday's sharp decline. Forecasts call for rain in the Plains later this week, which is desperately needed in the central and southern Plains. The Kansas wheat crop is only rated 29% good to excellent versus 69% at this time last year.



Cattle futures are called lower on the open. On Monday afternoon, USDA reported that further testing for the suspected BSE case was positive. However, losses are expected to be limited as this is not expected to affect domestic demand much. However, this will hamper efforts to reopen export markets.



Lean hog futures are called steady to higher. The market is expected to build off of yesterday's gains on ideas of stabilizing fundamentals. Cash markets are called steady to firm as packers are in need of supplies. The beef BSE case could help pork demand, especially in the export markets.