Corn futures are called 8 to 9 cents higher. Overnight trade was 7 3/4 to 9 1/4 cents higher. Strength in crude oil overnight and overseas stock markets will be supportive this morning. The market is working on a technical rally despite generally bearish fundamental news. Export demand remains sluggish and USDA slashed demand projections and raised the ending stocks estimate to 350 million bushels last week.



Soybean futures are called 15 to 20 cents higher. Overnight trade was 15 3/4 to 18 3/4 cents higher. Outside markets are expected to once again trigger a rally in futures. Crude oil and gold were higher overnight along with many overseas stock markets. Export demand has been strong and recent USDA projections show tight ending stocks again at the end of the marketing year at only 205 million bushels.



Wheat futures are called 9 to 11 cents higher. Overnight CBOT trade was 9 1/4 to 11 3/4 cents higher and the KCBT was 9 1/2 to 10 3/4 cents higher. Spillover support is expected from corn and soybeans as well as outside markets such as crude oil and gold. The recent break in the dollar is supportive as U.S. exports should benefit, but the dollar was a little higher overnight. Fundamentals remain generally bearish with large world wheat stocks and USDA's increased U.S. ending stocks estimate last week.



Cattle futures are called mixed. Cash markets fell again last week, dropping to mostly $85 compared to $87 the previous week. Beef prices continue to work lower, although Friday's losses were small. Deferred contracts may find some support from higher corn prices although concerns about the economy and beef demand will likely limit strength.



Lean hog futures are called steady to lower. Future's premium to cash and weakness in the cash market last week will pressure prices. Wintery weather and cold temperatures will limit marketings, but packers should have early week needs already covered. Pork cutouts fell 23 cents on Friday as seasonal holiday demand from wholesalers has already wrapped up.