Corn futures are called steady to mixed on the open. Overnight trade was unchanged to 1/4 of a cent higher. The market is expected to hold in a trading range this morning as traders mark time waiting for fresh news. Weather remains generally favorable. Warmer and drier weather this week should benefit crop conditions. Forecasts call for several chances of rain over the next couple of weeks, with only a few areas that will deal with being too dry.



Soybean futures are called steady to 1 cent lower. Overnight trade was 1/2 to 1 cent lower. Some consolidation trade is expected this morning after recent volatility. Fundamentals remain bullish for old-crop as stocks are very tight. New-crop gains are expected to be held back by warmer and drier weather this week in the Midwest that is generally beneficial for the crop. In addition, acreage estimates have grown as some area intended for corn has been switched to soybeans in the eastern Corn Belt and South.



Wheat futures are called 3 to 4 cents higher. Overnight CBOT trade was 1 3/4 to 4 1/4 cents higher and the KCBT was 3 1/4 to 3 3/4 cents higher. The recent decline in the dollar and some further weakness overnight will be supportive as demand for U.S. wheat should benefit from a weak dollar. The market rallied overnight despite warm and dry conditions in the central and southern Plains that should help keep harvest progress strong. Weather in the northern Plains has been beneficial for spring wheat, but the late planting will limit yield potential.



Cattle futures are called steady to mixed as traders wait for the cash market to develop later this week. The cash market is currently expected to be steady with the $82 trade last week. Strength in cash trade will be limited by larger showlists and packers needing fewer cattle for next week's holiday shortened slaughter. Boxed beef prices have turned a little higher with choice cutouts up 27 and select cuts up 37 cents on Tuesday.



Lean hog futures are called steady to lower. After a brief short-covering rally, futures have turned lower again the past couple of days. The $1.40 drop in pork cutouts and ideas of steady to lower cash bids will pressure the futures market. Losses will be limited by positioning ahead of the quarterly Hogs and Pigs report which is due out Friday afternoon.