Corn futures are called 2 to 3 cents lower. Overnight trade was 1 3/4 to 3 cents lower. Some consolidation of the recent rally is expected on the open. USDA pegged harvest progress at 20% complete as of Sunday, 3% below the 5-year average. However, mostly open weather this week should help harvest activity pick up this week. Technically, the market is strong, having gone from threatening to make new lows to posting seasonal highs.



Soybean futures are called 1 to 2 cents lower. Overnight trade was 1/4 to 2 1/4 cents lower. Seasonal harvest pressure and the inability to hold up despite gains in corn and wheat yesterday are expected to weigh on the market. Harvest as of Sunday was 19% complete, 7% below the 5-year average. However, progress should improve this week despite some rain in the northern Midwest. Expectations for a near record crop and large old-crop stocks remain underlying bearish fundamental factors.



Wheat futures are called 3 to 5 cents lower. Overnight CBOT trade was 4 1/2 to 6 1/4 cents lower and the KCBT was 1 1/4 to 3 3/4 cents lower. Consolidation trade is expected following recent strength as futures are becoming technically overbought. However, fundamental and technical strength is expected to help the market trend higher into late fall as global supplies of wheat tighten. Winter wheat planting progress was 54% complete as of Sunday, down 2% from the 5-year average.



Cattle futures are called higher on the open. Follow-through buying and ideas of firm cash market trade this week will be supportive. Packer margins remain poor, but market ready cattle numbers are tightening. Beef prices are showing some improvement, with boxed beef up 22 to 42 cents on Monday. The strong cash market action late last week suggests that the anticipated seasonal strength into late fall is now solidly on track.



Lean hog futures are called steady to higher. Packers are expected to need hogs for this week's slaughter, which should help keep cash bids steady to firm as marketings slow during harvest. After some recent consolidation and higher futures trade despite a slightly bearish Hogs and Pigs report, some buying interest is expected to develop this morning.