Corn futures are called 6 to 7 cents lower. Overnight trade was 6 1/2 to 7 3/4 cents lower. Fund long liquidation is expected to weigh on the market again this morning. Large speculators are lightening what had become a record long position. Consolidation trade following the recent run to contract highs and some profit-taking ahead of month's end are expected to keep the market on the defensive.



Soybean futures are called 7 to 8 cents lower. Overnight trade was 7 1/4 to 8 1/2 cents lower. The market is expected to consolidate recent gains that had pushed futures to new highs. End of the month profit-taking and generally bearish supply/demand fundamentals will be negative factors. Growing conditions so far in South America have generally been favorable.



Wheat futures are called 4 to 5 cents lower. Overnight CBOT trade was 5 to 5 3/4 cents lower and the KCBT was 2 to 5 cents lower. Speculative long liquidation is expected this morning with first delivery notices on the December futures contracts due out this evening. The light snow in the Plains ahead of the colder weather has helped offset some of the support that had come from declining crop condition ratings.



Cattle futures are called steady to lower. Expectations for cash prices to trade about a dollar lower this week are expected to weigh on futures. Packer margins remain poor and boxed beef prices are on the defensive. Forecasts for snow and cold temperatures in the Plains should help limit losses as feedlot rate of gains could be slowed over the next couple of weeks.



Lean hog futures are called lower on the open. Cash bids are expected to be mostly $1 lower and it appears that the cash market has peaked for now. Packers have most needs covered for the week and margins are shrinking with losses in the pork cutout value of $1.07 on Tuesday.