Corn futures are called 8 to 9 cents lower. Overnight trade was 8 3/4 to 9 cents lower. Outside markets are expected to pressure commodity trade today. Dow Jones futures were lower overnight and crude oil posted big losses as well while the dollar was stronger. Less rain than expected in the Delta and southern Midwest will allow for improved fieldwork conditions. Warmer and drier weather is also forecasts for much of the Corn Belt midweek and through the weekend.



Soybean futures are called 9 to 11 cents lower in old-crop while the new-crop Nov contract was 22 1/4 cents lower overnight. Pressure from outside markets and continued profit-taking following the weakness on Friday will weigh on soybeans this morning. Expected weakness in the stock market, lower crude oil prices and strength in the dollar will be bearish influences. However, old-crop losses should be limited by tight old-crop stocks and strong export demand. Weekly export inspections are expected to be well above the 11.5 million bushel pace needed to reach USDA's export forecast.



Wheat futures are called 8 to 10 cents lower. Overnight CBOT trade was 9 3/4 to 10 cents lower and the KCBT was 8 1/4 to 8 1/2 cents lower. Warmer and drier weather developed in the southern Plains this past weekend. While areas still need rain, the warmer weather will help crop development and some rain is expected to develop next weekend. Winter wheat condition ratings due out this afternoon will be watched for direction. Expectations for sluggish weekly export inspections to be reported this morning will contribute to a lower open. In addition, strength in the dollar index overnight will make U.S. wheat less competitive on the world export market.



Cattle futures are called steady to higher on the open. The Cattle on Feed report came in near trade expectations. Feedlot placements were up 4% in March, marketings were down 1% and April cattle on feed were down 4.6% from a year ago. Supportive to futures trade will be the cash market, which traded generally $2 higher last week at $88 live and boxed beef prices that were up strongly. On Friday, Choice cutouts were up another $1.30 and Select cuts were $1.91 higher.



Lean hog futures are called steady to mixed. Packers are short-bought and should need some hogs to start the week. However, the drop in pork cutouts on Friday of $1.03 will be discouraging for bullish traders. Strength in the dollar index is bearish as it will make U.S. pork more expensive on the global export market.