Corn futures are called 5 to 6 cents higher. Overnight trade was 4 3/4 to 6 3/4 cents higher. After some consolidation trade yesterday, speculative buying is expected to push prices higher again on the open. Harvest progress has been strong and at 41 percent is just 2 percent below normal. But rain this week in parts of the Corn Belt will slow activity.



Soybean futures are called 6 to 7 cents higher. Overnight trade was 6 1/2 to 7 cents higher. Despite bearish supply fundamentals and yesterday's consolidation, futures are expected to push higher on the open. Demand remains strong with weekly export shipments and monthly crush numbers yesterday above trade expectations. Soybeans will need to keep up with corn to compete for acreage next spring.



Wheat futures are called 5 to 7 cents higher. Overnight CBOT trade was 2 1/2 to 5 1/4 cents lower and the KCBT was 5 1/2 to 8 cents higher. The late session rally on Monday and extremely overbought technicals at the CBOT could limit gains this morning. The KCBT showed good strength overnight despite recent rainfall that will benefit hard red winter wheat. Winter wheat is 79 percent planted, only 1 percent below average.



Cattle futures are called steady to higher. Cash trade is expected to be no worse than steady this week. Rising beef prices could encourage packers to raise bids. However, gains should be limited by packer margins remaining in the red and concern that they could decide to slow slaughter rather than raise bids much this week.



Lean hog futures are called steady to mixed. Cash markets are called steady to firm as packers continue to need supplies to fuel the aggressive slaughter plans. However, there is concern that prices will not hold up this week as pork cutouts were 49 cents lower on Monday.