Corn futures are called 1 to 2 cents higher. Overnight trade was 1 1/2 to 2 3/4 cents higher. The market staged a minor reversal higher Friday as price traded to a new low for the week before reversing higher. This along with some early harvest delays due to wet Midwest weather will offer light support. Cash basis levels are firming as farmer selling remains light while demand remains strong.



Soybean futures are called 3 to 4 cents higher. Overnight trade was 4 1/2 to 4 3/4 cents higher. The short-covering bounce is expected to continue on the open. Rain in the Midwest and forecasts for rain could hamper early harvest activity. However, large old-crop stocks and estimates for a large crop this season are expected to limit rally attempts.



Wheat futures are called 1 to 2 cents higher. Overnight CBOT trade was 1 to 2 cents higher and the KCBT was steady to 1/2 cent higher. Chart support held on Friday and the market made a technical bounce. We look for some follow-through buying this morning. Export demand has been disappointing, but there is some optimism that lower prices will spur some demand. Egypt recently bought some U.S. wheat and Iraq official are expected to visit the U.S. soon to discuss wheat trade.



Cattle futures are called steady to higher. The market stabilized from the recent break on Friday and futures should find strong support at last week's lows. Strong domestic demand and improving exports should help cattle prices improve into the fall. However, poor packer margins and declining boxed beef prices will limit futures buying interest. Cash trade last week was mostly $88.50, down $2-$3 from the previous week.



Lean hog futures are called steady to mixed. Packers continue to have aggressive slaughter schedules, which will help support cash prices. However, the increased tonnage will likely continue to weigh on pork cutout values. We expected some choppy trade this morning as cash fundamentals as traders watch cash fundamentals.