Corn futures are called steady to 1 cent lower. Overnight trade was 1/2 to 1 cent lower. Export shipments continue to lag year-ago and world supplies of feed grains remain ample. With the lack of support from soybeans, corn prices are expected to drift lower.



Soybean futures are called 2 to 3 cents lower. Overnight trade was 2 1/2 to 3 1/2 cents lower. Speculative buying interest seems to have dried up following the recent run to six-month highs. Production cuts for Brazil have been factored into the market and Argentina is expecting some rain this week.



Wheat futures are called steady to 1 cent lower following overnight trade that ended that way. Export news has been bearish recently. Export shipments last week were below the pace needed to reach USDA's forecast. The EU continues to subsidize wheat and Chinese official do not expect China to import much wheat this upcoming marketing year.



Cattle futures are called steady to higher. Significant cash trade isn't expected until later in the week, but smaller showlists and yesterday's $3.35 to $3.45 jump in boxed beef prices are expected to support the market.



Lean hog futures are called steady to higher. Despite poor packer margins, cash markets are called firm as packers need supplies and producer marketings are fairly current. Pork cutouts were up 75 cents on Monday.