Corn futures are called 2 to 3 cents lower. Overnight trade was 1 3/4 to 3 cents lower. Outside markets are expected to pressure futures lightly this morning. Crude oil was a little lower and the dollar index was higher overnight. Export demand remains sluggish and weekly export inspections last week were below the pace needed to reach USDA's recently lowered export forecast.



Soybean futures are called 7 to 8 cents higher. Overnight trade was 7 1/4 to 8 3/4 cents higher. The market is expected to rebound from the losses on Monday on the open. Outside markets are not expected to provide much direction, although gains may be limited by a strong dollar and slightly lower crude oil trade overnight. Fundamentals are generally supportive as export demand remains solid and as USDA is estimating ending stocks at only 205 million bushels.



Wheat futures are called 1 to 2 cents higher. Overnight CBOT and KCBT trade was 1 1/2 cents higher in the most active month. The recent break in the value of the dollar has provided support, but the dollar index moved a little higher overnight. Some underlying support will come from ideas of reduced winter wheat acreage. Otherwise, fundamentals remain generally bearish as export demand is sluggish and as world wheat supplies remain ample.



Cattle futures are called steady to higher. Follow-through buying is expected with the sharp jump in beef prices yesterday providing support. Choice cutouts were up $2.43. Cold and wintery weather in the Plains will limit rate of gains in feedlots. Cash trade is currently expected to be generally steady with last week's $85 trade.



Lean hog futures are called steady to lower. Pork cutouts were down 76 cents on Monday and cash trade is expected to be steady to lower. While cold temperatures may limit hog marketings, packers have most of their needs covered for the week. Packer margins have been trimmed and they may opt to cut slaughter rather than maintain or raise cash bids.