Corn futures are called 4 to 6 cents higher. Overnight trade was 4 1/2 to 6 1/2 cents higher. Overnight strength in wheat that pushed corn prices higher as well is expected to support the open. Technical and fund buying are will be supportive after futures pushed to a new 27 month high on continuation charts last week. Strength is expected despite good weekend harvest progress and forecasts for mostly favorable harvest weather in the Corn Belt this week.



Soybean futures are called 5 to 6 cents higher. Overnight trade was 4 1/4 to 6 3/4 cents higher. Strength in wheat and corn supported soybeans overnight and is expected to carryover into the open. Fundamental support will come from USDA cutting the ending stocks estimate last week and strong demand. On the other hand, ending stocks are projected to be the second largest on record and the majority of harvest is still ahead of what could be a near record crop.



Wheat futures are called 7 to 9 cents higher. Overnight CBOT trade was 6 1/2 to 9 1/4 cents higher and the KCBT was up 6 to 11 1/4 cents. The overnight strength is expected to continue in the day session with technical strength and bullish global supply/demand fundamentals offering support. Market action last week was decisively positive as Chicago and Kansas City pushed through chart resistance. Declining Australian production forecasts and expectations for new export sales to Iraq will provide positive fundamental news.



Cattle futures are called strongly higher. Strength in the cash market late on Friday is expected to support futures. Trade at mostly $91.50 to $92.50 was up $2-$3 from the previous week. Tight near-term supplies of market ready cattle will continue to supportive. However, packer margins remain poor as cash prices have been climbing faster than beef prices.



Lean hog futures are called steady to lower. The Hogs and Pigs report released after the close on Friday showed hog inventories a little larger than expected. The breeding herd inventory was 1.7% above year ago and the market hog inventory was 1.3% higher. This is similar to recent reports that have shown modest herd expansion. Cash markets are called steady to firm this morning although the 59 cent drop in cutouts could limit packer's interest in raising bids.