Corn futures are called 3 to 4 cents lower. Overnight trade was 1 to 4 cents lower. Front end contracts are expected to lead the decline as gulf basis levels have weakened and the cash market is adequately supplied. Trade is expected to remain choppy heading in the Prospective Plantings report due out Friday morning. Weather forecasts and early season planting progress will also be watched for direction.



Soybean futures are called 4 to 5 cents lower. Overnight trade was 4 1/4 to 5 cents lower. Bearish old-crop fundamentals are expected to weigh on the market this morning. Expanding harvest progress in South America will soon shift export demand away from the U.S. Trade activity is expected to be mixed this week ahead of the Prospective Plantings report.



Wheat futures are called 1 to 2 cents lower. Overnight CBOT trade was 1 1/2 to 3 cents lower and the KCBT was steady to 1 3/4 cents lower. Expected weakness in corn and favorable winter wheat crop conditions will weigh on wheat futures. The market is expected to remain in a rather narrow sideways trading range into the Prospective Plantings report.



Cattle futures are called mixed on the open. The Cattle on Feed report released after the close on Friday was near expectations although the marketings number was slightly positive for the April contract while placements could weigh lightly on the August and October months. Boxed beef prices were lower again on Friday, but ideas of strengthening beef demand seasonally should help beef prices rebound soon.



Lean hog futures are called steady to higher. Cash trade is expected to be steady to firm as hog supplies should be smaller this week following last week's 8% jump in slaughter year-over-year. Pork cutouts were up 59 cents on Friday. Some choppy trade is expected this week as traders gear up for the Hogs and Pigs report due out Friday afternoon.