Corn futures are called 4 to 5 cents lower. Overnight trade was 4 1/2 to 5 1/4 cents lower. The market is expected to setback a little further on the open following the recent consolidation trade. However, we look for the moderate setback to attract good buying support from end users that should push prices higher again in the near-term.

Soybean futures are called 3 to 4 cents lower. Overnight trade was 4 to 4 1/2 cents lower. Some further profit-taking is expected on the open following the strong gains over the past 1 1/2 months. Weakness in energy and metal markets weighed on soybean oil and soybeans Friday. Those outside markets were lower again overnight.

Wheat futures are called mixed to mostly lower on the open. Overnight CBOT trade was 1/4 cent higher to 4 1/2 cents lower and the KCBT was 1/4 to 1 cent higher. The market is expected to remain volatile. After posting the first significant correction last week since the recent uptrend, some further weakness is expected on the open. Egypt's recent wheat purchases included only light business for the U.S. However, bullish global fundamentals are expected to continue to underpin the market.

Cattle futures are called steady to higher. Cash trade developed late on Friday at mostly $88-$88.50, steady with the previous week. Packers did not follow through on plans to slow slaughter last week and actually increased the kill. Early ideas for this week's cash market are for firm prices. Friday's Cattle on Feed report was right on trade expectations and should have little effect on futures this morning.

Lean hog futures are called steady to mixed. The futures market was able to bounce on Friday, but cash fundamentals and technical charts remain bearish. Pork cutouts have been able to bounce a little the past couple of days, but the large supplies of pork are expected to limit price gains.